I have been a long time Payback user, mostly using it for earning points against purchases made at supported retail and online stores. And over time, I have accumulated a considerable amount of points. Now, I can redeem these points to save money on future purchases from Payback partners.

Payback is a loyalty program that lets you earn and redeem points when you purchase items from any of the partner outlets across India. But what if you want to use your earned points outside the Payback cycle, maybe even redeem them to your bank account? Well, there’s a workaround for that.

The trick is to use a mobile wallet service that offers Payback redemption. MobiKwik is one such service that allows users to link their Payback accounts and redeem points to their wallet. In addition, it also allows users to earn points for recharges made on MobiKwik.

How to redeem Payback points on MobiKwik

  1. Download and install the MobiKwik app on iOS, Android or Windows Phone.
  2. Launch the app and login/sign up for a wallet account.
  3. Tap on the account menu on the top right corner and select My Wallet >> Redeem Points.
  4. Tap on PAYBACK and enter the points you want to redeem.
  5. Provide the 4 digit PIN of your Payback card and tap on Redeem Points.

Note: MobiKwik will automatically detect the Payback number associated with the registered mobile number. So ensure that the mobile number associated with MobiKwik and Payback are the same.

Redeem PAYBACK points to Bank Account

Once you have redeemed the Payback points to your MobiKwik wallet, you can spend them on any transactions within MobiKwik (for example, mobile, DTH, data card recharges, bill payments, etc.). But if you want to transfer the amount to your bank account, follow the steps given in the next section.

How to transfer MobiKwik wallet money into bank account

  1. Launch the MobiKwik wallet app and tap on the Transfer tab at the bottom.
  2. Select the SEND TO BANK option and enter ₹500.
  3. Tap on Continue. Here you must provide your bank details (Account name, Account Number, IFSC code).
  4. Tap on Send Money. You’ll receive an OTP to your registered mobile number.
  5. Provide the OTP and confirm the transaction.

And that’s it. ₹500 will be credited to your bank account.

Note: You can send no less and no more than ₹500 in a single transfer. Also, you’re only allowed up to two transfers per month.

A transaction fee of 4% will be deducted when you transfer funds from MobiKwik to bank account. Thus, you need a minimum of ₹520 in your MobiKwik wallet in order to transfer the funds. So, if you want to fully utilize your wallet money, we recommend you to use your MobiKwik wallet balance for recharges, bill payments or purchases from other MobiKwik partners.

Alternatively, you can try the following method for redeeming Payback points into your bank account without any transaction fees. This method requires you to use a smartphone and a computer, and it’s not a straight forward process. But you can convert all your Payback points into money using this method, without any transaction fees.

Convert PAYBACK points to Rupees without Transaction Fee

Follow the steps below to convert your Payback points into money without any transaction fees:

  1. Download and install Oxigen Wallet app on your iOS or Android device.
  2. Login to your Oxigen account, or sign up if you don’t already have one. Ensure that you use the same mobile number for sign up / login as that of your Payback account.
  3. Tap on the My Profile icon on the top right corner of the screen. Scroll down and check on the “Link your Payback card” option.
  4. Tap on Save button at the bottom.
  5. Tap on me >> load money and select Payback as the Payment Option.

Redeem your desired amount into your wallet.

Once the Payback points are redeemed to your Oxigen wallet, you need to transfer the same to your FreeCharge, from where you can transfer the funds to your bank account without any transaction fees.

The following trick can be used to transfer your Oxigen Wallet money into FreeCharge wallet. For this, you’ll need to access the FreeCharge website on your computer. This is not available on mobile web or app.

  1. Open the FreeCharge website on your computer’s web browser.
  2. Login to your account, or sign up if you don’t already have one.
  3. Do a mobile recharge by entering your mobile number, but choosing a different Operator and Circle. For example, if your mobile number belongs to Airtel – Mumbai Circle, choose Vodafone – Delhi, or some other provider and circle.
  4. Enter the amount that you want to transfer from your Oxigen Wallet to FreeCharge.
  5. In the Payments option, choose Others >> Cash Card >> Oxigen Wallet.
  6. Enter your Oxigen Wallet credentials and proceed for payment.

Now, since you’ve provided an incorrect service provider and circle, the recharge will fail and the amount will be credited to your FreeCharge Wallet.

Now you can transfer this amount to your bank account without any transaction fees.

Do you know a better way to redeem Payback points to your bank account? If so, give us a shout in the comments section below.