ICICI has sent an email to all of its saving bank account users that it will be doing away with its Payback program by the end of this month. I personally saw this coming as the company had earlier waived off all the charges from the shopkeepers to promote cashless transaction in India. Now that all the people are using their debit cards for doing daily transactions, they were also earning Payback points and in return, the ICICI was not getting any money from the shopkeepers.
It is interesting to note that this programme will continue to work for Current account and most probably credit card users as well. I not unsure about the latter part but since credit cards do bring bank a lot of money, it make sense to make them earn Payback points to keep them happy and spend more. This is the email I received from them.
It is funny to see ICICI doing plethora of funny things to save money. For instance, few months back they stopped sending printed ICICI credit card statements. All of these decisions were taken without taking any input from the users if they need those features or not.
We would like to inform you that the ‘MySavings Rewards Program’ will be discontinued with effect from January 01, 2017. You will continue to earn reward points for Savings Account transactions made till December 31, 2016. However, new points will not be issued from January, 2017 onwards.
All the points earned by you under the program till December 31, 2016, will continue to be available for redemption as per existing process till expiry of points. Please note that points are valid for 3 years from date of issuance. You will continue to earn PAYBACK Reward Points under the ICICI Bank Credit and Debit Card Rewards Programme.