14 Apr With Cashbacks For Premium Users, True Balance Differentiates Itself Amid Payments Giants
Read Time- 2:10 mins
The article throws the light on the rise of digital payments across India in the past few years and how companies have invested heavily towards building a strong customer base by providing incentives such as cashbacks and discounts. This has resulted in increased customer acquisition costs for most digital payment companies. The story further mentions how True Balance has used a conditional cashback approach that may result in increasing high ticket value transactions while reducing customer acquisition costs by only offering discounts to premium users. It also mentions how the cashbacks work for True Balance’s Gold members. The Gold Members provide various financial services to other users. They make payments, ecommerce, loans, insurance and as a result they get cashback.
The story further talks about how True Balance is very focused on their digital lending products, cash loan, pay later, recharge, free-of-charge loans, other small ticket size financial products which are tailored for their end users and EMI service. It also implies as how prepaid is the biggest driver of transactions, followed by pay-later offering for the company. A major contribution for True Balance is coming from personal loan and instant cash loans. The focus is to ensure repeat user growth before offering cashback, the company is among the key players who are counting on tier III and IV markets for next phase of growth. The reason they feel is because these users may not have smartphones, but they are the ones who need financial services.
True Balance has been working strongly on bridging the gap by providing last mile outreach in the country. The aim is to provide digital lending keeping in mind how they can improve the economic life of one billion unbanked users in India. Read More at Inc42.com
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