“First of all, this is due to the high competition in the market and the desire of banks to expand their client base. They began to abandon cashbacks accumulated in points or bonuses in favor of cashback, which is much more profitable for the client,” said Ph.D., associate professor of the Department of State and Municipal Finance of the Russian Economic University. G.V. Plekhanov Maria Valishvili.
A major problem remains the lack of cashback when paying via the Fast Payment System (FPS). But some banks have found a solution. They encourage the use of this payment method by accruing cashback when purchasing goods and services from certain suppliers. “The national payment system Mir offers special loyalty programs, including the possibility of cashback when paying with a QR code or NFC badge from SBP,” Olga Daineko, an expert on the NIFI project of the Ministry of Finance of Russia, shared with Moifinance.rf.”
Another type of cashback can be obtained by scanning QR codes on receipts. “Cashback can be granted for purchases in partner stores and, less frequently, for purchases in any store,” Daineko added. “This money can then be withdrawn to a phone account, bank card or e-wallet.”
If a person already has several cards open, he can track profitable offers within loyalty programs for him and, taking this into account, use different cards. However, if the bank realizes that the only transactions are purchases in the increased cashback categories, the client can be disconnected from the loyalty program, warned Eryaniya Bochkina, an expert analyst at Banki.ru.
