What exactly is this power bank earning app?
The Power bank app was launched was December 2020. It is an online earning app and the website is named Power Bank Earning App. The power bank app owner name is Ramani Iyer, who is a JustDial co-founder and builds a smartphone power bank rental network. You can invest money with the help of the app and complete some daily tasks to generate a good return on investment.
Power bank app details
Upon researching the website and other online platforms having details of the Power Bank Earning App, it is evident that the app owner is using crowd investing as the business model. They motivate people to make small investments and then reinvest the bulk amount generated in some other businesses (like Share Market, Forex, Online Trading, etc.), unknown to users. The profit earned from these businesses is distributed to the users as a return on their initial investment through Power Bank App. The owner of the Power Bank Earning App claims that they are selling charging cabinets of power banks, which are leased out in the public market. The price of charging cabinets range from Rs. 300 to Rs. 1,50,000. Users first need to install the app on mobile to buy the cabinets. Before buying, the user must recharge that particular amount with the help of different payment modes like “RazorPay” etc. (Source Google Play StoreAlt text – power bank app) Once recharging at a specific amount is done, the user can now buy the cabinets at the desired price. Without recharging, you cannot buy the cabinet. Once this process is completed, users can view their hourly income displayed in “Total Assets”. However, they are some buying limits for example you can buy Rs. 300 cabinet only once but you can buy Rs. 600 cabinet six times, Rs. 15000 cabinet 15 times and so on. Once the user has purchased cabinet/s, the Power Bank App pays you an hourly profit rate for 24 hours as per cabinet price. Suppose you purchased Rs. 15000 cabinet, for which the app pays Rs. 30 per hour. For 24 hours you will earn — Rs. 720 (Rs. 30 x 24 hrs) minus Rs. 129 (18% withdrawal fees) = Rs. 591 per day). In 26 days, your invested amount turns to Rs. 15366. Even if you have received your total investment after 26 days, you will still continue to earn Rs. 591/day for the next 11 months which is your profit. Users can withdraw the profit directly to the bank account but the withdrawal amount is a minimum of Rs 150. Sounds fishy!
Power Bank App Real Or Fake?
The demerits of the app are –
Poorly designed app – shows incorrect money details at timesNo information about the business ownerRegistration details not foundNo systematic plan is specified.No direct contact details like email ID, address, phone number, social media pages, etc. availableThe withdrawal fees – 18% is too highSometimes there is a reduction in the per hour profit
This raises questions about trustworthiness and safety! It is not certain if they are leasing multiple power banks in crowded places like business complexes, airports etc. (Source Google Play StoreAlt text – power bank app real or fake) (Source GoogleAlt text – power bank app real or fake) Yet, there are some positive reviews. The app promises good returns to the users and has been doing well so far, which indicates the owner is able to successfully run the business and make profits. Users can transfer the withdrawal amount to their bank account without hassle. This process is password protected and users need to share their bank details before the first withdrawal. (Source GoogleAlt text – power bank app real or fake) Besides profit from a personal investment, a user can gain additional payment when they refer more people to use the app. They can also earn minimum hourly profit from the investment of their referrals too as level 1 income, level 2 incomes. Many users reported gaining financial stability using Power Bank App during the lock-down period.
Is Power Bank App Real or Fake?
The app is very new in the market and there are mixed customer reviews online! You may use the power bank app if you are in urgent need of money. Start with a small amount, provided you are on the stage to take and manage risks. Keep withdrawing all wallet money as soon as possible. Remember, not all apps on the play store are reliable and authentic. Businesses are allowed to remove their apps anytime from the play store, which may cause you a loss. It is not wise to mess with money saved for essential needs like medical, education, etc. Good luck!
