Many people have already heard of Phewtick. While some are sceptical of it’s intent, many have already been literally bought over by the application. Yes, Phewtick allows real money to be cashed out to one’s personal bank account/ credit card via paypal. But other than earning real actual money,what’s the catch about Phewtick? Why is it so popular? What has it gone crazily viral?
Phewtick is a new application from ParmyInc. It’s a simple social networking mobile application which is available on Android and iOS. Simply connect Phewtick to Facebook, and you’re ready to go. With its tight integration with Facebook, the message of the application is easily spread across related friend, causing virality to be imminent.
Upon opening up of the application, one is greeted to a QR code of your own. Others can then click on the “Scan Code” tab to scan your QR code, or vice versa. Once that is done, a random amount of points will be credited to your account. This points will then be converted into actual cash based on a fluctuating exchange rate.
Minimum payout value
Current points and payout value
Too good to be true?
Many remain sceptical of Phewtick because it really seems too good to be true, earning money from simply meeting people and scanning their QR codes. Besides that, because of the high minimum requirement of 24,000 points for payout, many have yet have the chance to cash out to paypal and that deters some from using the application.
Some people also think that the application could be gathering data from users via facebook and are afraid of releasing their information. These claims are not supported. Talking about Facebook, it gathers all your private information too and many are still willing’y pushing all information to it. Facebook does ask for permissions for the access to basic profile information and posting to you timeline.
Where does all these money come from? Think again.
Phewtick gets their money by these ways:
Angel funding from investors
As seen from the “Current points and payout value” image above, advertisements are shown on the application
For example, a restaurant can ‘purchase’ 100K points and these points must be achieved at their venue. This solves the restaurants problem of how to bring customers to their stores and gives strangers an opportunity to meet.
It could be a viable business model as the application really drives traffic. Advertisers would be happy when more targetted advertisements are pushed through the application. There are still various possibilities where revenue can be generated, but the creators are still not finding a need for that at the moment.
Does it really achieve its purpose?
Based on my peronal judgement and Phewtick usage habits, Phewtick has allowed me to open up to more people within my school campus. It’s a good icebreaker as Phewtick allows each user to have a common purpose. It’s also a good way to know acquaintances and possibly spark stronger relationships especially with integration with Facebook. Facebook is then the key to strengthening these Phewtick initiated relationship. We’re definitely seeing redefining of human interactions and relationships in the new world.