Why are Refer & Earn Programs Growing in Popularity

Referral marketing is becoming popular globally since it benefits both customers and businesses. The global market for referral marketing software is projected to grow from $302 million to $1.2 billion between 2021 and 2032 at a CAGR of 13.3%. 

Referral marketing involves using existing customers of a business to promote its products to attract more customers. When an existing customer wins a new customer for the business, the former receives compensation or commission which is a percentage of the sale. This helps customers generate income in the process while they help a business grow. 

An example of a “refer a friend” bank program is the IDFC FIRST Bank MyFIRST Partner Program. It allows you to earn more than ₹50,000 every month through successful disbursals of the bank’s personal loans via referrals. Every time, a loan is sanctioned, you can get 1.5% of its amount as an impressive commission. 

To know more about the top reasons why “refer and earn” programs are growing in popularity, here’s a look. 

  1. Easy Eligibility Criteria

To join a referral program like IDFC FIRST Bank MyFIRST Partner Program, you need to meet some basic eligibility criteria as follows:

  • You should be an Indian resident
  • You must be 18+ years old
  • You need to hold an account in any of the banks in India

Therefore, not just salaried people but also self-employed individuals, housewives and students can be a part of such a program. 

  1. No Investments Are Needed

You need not make any monetary investment to join referral services. You don’t even have to buy a computer or a laptop since you can work for the referral program right on your phone. 

  1. Flexible Work Hours 

There are no strict timings to work for a referral business. You just need to dedicate a few hours and put in strategic efforts during that period. Whenever you get time, you can work on it. So, if you have a regular job, you don’t have to quit that.

  1. Great Benefits 

If you join a top “refer a friend” bank program like that of IDFC FIRST Bank, you can not only get a handsome commission but also these benefits: 

  • Weekly pay-outs: Your pay-outs will be credited directly to your bank account every week. Thus, your secondary income keeps coming in. 
  • Exciting rewards: If you perform very well at the national, zonal, regional or branch level, you can also get amazing rewards like cash bonuses and electronic gadgets.  
  1. Digital Process

Let’s take the example of IDFC FIRST Bank MyFIRST Partner Program. Say, you find someone interested in borrowing the bank’s personal loan. Then you must collect the required personal details and documents of the person and upload them on the referral app. You need to submit your bank details to get pay-outs and after verifying your OTP on your phone, you’ll be registered. So, as you see, the whole referral process is 100% digitised. 

If you wish to enjoy the above benefits offered by the best financial affiliate program, consider joining IDFC FIRST Bank MyFIRST Partner Program. It can help you generate additional income to strengthen your monetary condition, support your financial dependents or even open a new small business. 

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