Refer & earn apps: An enjoyable way to bank more money

The ability to earn money has transcended the conventional boundaries of a 9-to-5 job. Individuals now have the opportunity to pocket a substantial side income each month thanks to refer and earn apps offered by banks; a prime example of which is IDFC FIRST Bank's MyFIRST Partner program.

Designed to enable referral partners to refer personal loans from IDFC FIRST Bank to their connections, this program offers the potential to earn more than ₹1,00,000 every month. With a strong technical foundation, the app ensures a seamless referral process, enabling referral partners to effortlessly share their referral links and track their progress.

Consider these points while choosing a referral app:
 

1. Your refer-and-earn app must be technically strong
 

One of the first considerations when venturing into the realm of refer-and-earn apps is the technical reliability of the platform. The MyFIRST Partner app offered by IDFC FIRST Bank, for example, is intuitive, user-friendly, and devoid of any glitches that could impede the user experience. It should seamlessly integrate referral tracking mechanisms, personalized referral links, and an easy-to-navigate dashboard. A strong technical foundation ensures a smooth referral process and enhances the overall credibility of the program.

2. The bank must directly compensate you through the app
 

Transparency in compensation is vital. IDFC FIRST Bank directly disburses 1.5% pay-out into the referral partner’s bank account through the MyFIRST Partner app. Your refer-and-earn app should provide real-time updates on the status of referrals and the corresponding rewards. Direct and immediate compensation mechanisms build trust between the referral partner and the bank. This direct integration of compensation within the app eliminates any ambiguity or delays, fostering a sense of satisfaction and reliability.

3. Signing up for the referral program through the app must be convenient
 

The path to becoming a referral partner should be uncomplicated. We have illustrated the procedure to sign up for the MyFIRST Partner program through the MyFIRST Partner app later in this article. An elaborate and time-consuming sign-up process can discourage potential referral partners from participating.

4. The app must help you with your queries instantly
 

An app that offers instant support and query resolution can make a significant difference in the Referral Partner's journey. IDFC FIRST Bank’s referral partners can contact relationship managers or take help of the bank’s Central Helpline if they need any help at any hour.

5. The app should offer comprehensive tracking and analytics
 

A robust analytics feature is a valuable asset for any Referral Partner. The MyFIRST Partner app provides insights into the performance of referrals, such as the number of successful conversions, pending applications, and pending rewards. This data empowers referral partners to strategise better and optimize their efforts for maximum returns.

How to sign up for the MyFIRST Partner Program
 

1. Download the MyFIRST Partner app:

Begin your journey by downloading the dedicated app from your app store. Available on both iOS and Android platforms, the app is your gateway to the MyFIRST Partner program.

2. Register using the required documents:

Register by providing your PAN, Address proof, and bank details. The app will guide you through a hassle-free registration process.

3. Get your digital ID:

Upon successful registration, IDFC FIRST Bank will send you a digital ID that uniquely identifies you as a Referral Partner. This ID is essential for tracking your referrals and rewards.

4. Refer and track loan applications:

Start referring personal loans to your network through your personalised referral link. Use the MyFIRST Partner app to monitor the progress of your referrals, from application to approval, and witness your earnings grow.

The success of refer-and-earn apps hinges on factors like technical robustness, transparent compensation mechanisms, user-friendly registration processes, responsive support systems, and comprehensive analytics. IDFC FIRST Bank's MyFIRST Partner program is a prime example of a refer-and-earn app that checks all these boxes, offering a lucrative opportunity for Indians to earn substantial rewards by referring personal loans.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.