QuinReward: Is it Really a Ponzi Scheme? Unveiling the Truth (Latest Update 2023)
QuinReward is a unique cashback app which claims to offer its customers upto 50% discounts and free vouchers (FV).
However, various reviews and reports indicate QuinReward is a scam.
The company is based in Penang, Malaysia. Their office is located at Wisma Quinton, No. 11, Jalan Ahmad Nor, Pusat Perdagangan Nova, 11600 Jelutong, Penang.
Similarly, their contact number is 6046-586-676.
The company claims to be an internet platform which connects consumers with merchants. Also, QuinReward claims to integrate multiple services into one platform.
These include online rewards, food delivery, shopping and others.
On paper, QuinReward seems like an attractive platform to earn cashbacks and discounts. However, their business model has received a ton of complaints, even causing Malaysian officials to question them.
Furthermore, multiple QuinReward reviews say it’s a scam.
Hence, before you sign up there and give them your hard-earned money, read the following QuinReward review:
The Shady Business Model of the QuinReward App:
I checked out how the QuinReward app works and the findings were quite interesting.
Although it presents itself as a payment platform, it is not an e-wallet.
In fact, it is not even present on BNM’s list of e-money providers. So, when you reload, your currency is no longer in ringgit. It’s in the form of internet points.
Hence, when you invest in QuinReward, it gives you non-existent internet points in exchange. Now, the platform claims their value is the same as Ringgit.
However, there is no assurance that it will always remain the same. The parent company is a Sdn Bhd, it’s not a financial company.
So, BNM doesn’t have any regulatory authority over it.
In legal terms, you pay them to buy their internet points and BNM doesn’t interfere in such purchases. It only handles transactions related to finances.
Hence, if you don’t get a QuinReward refund, you can’t complain to BNM because the company doesn’t fall under their jurisdiction.
Furthermore, you can only use those funds with specific merchants. QuinReward decides where you can spend their points. So, if they decide to reduce the number of products you can exchange your points for in the future, you can’t do anything about it.
Also, you only get rebates when you reload your points and you get discounts on spending them. Apparently, QuinPay loses money on both ends of a transaction.
They pay you for reloading points and the merchants to make up for the discounts. This begs the question, “Where does QuinReward’s profit come from?”
There can be several answers to this question. They might be investing their client’s funds or they might be a startup running on loss.
However, the most plausible explanation is that QuinReward might be a ponzi scheme.
QuinReward Might be a Ponzi Scheme
A Ponzi scheme is an investment scam which promises lucrative returns with little risk to the investor. It generates returns for its earlier investors by using teh money of later investors.
Ponzi schemes function as long as they keep getting new investors. When the number of new investors begins to shrink, it becomes more and more difficult for them to pay the previous investors.
Hence, most of the investors end up losing money.
In my opinion, there’s a good chance QuinReward is a Ponzi scheme.
After all, they only give you imaginary internet points in exchange for real money. You can get all the rebates possible when you can only use an imaginary currency.
Like any Ponzi scheme, this business model is only sustainable as long as the user base keeps growing and keeps reloading its points.
I really suspect this might be the case. It would explain why so many clients struggle to get a QuinReward refund. The platform doesn’t want the payouts to exceed the amount of reloads.
Otherwise, they would start suffering losses.
The large number of negative reviews indicates this might be true. Below are some of the many reviews I found on this Malaysian platform:
QuinReward App Reviews You Should Check Out:
It seems many customers are not able to get their QuinReward refund. The following reviews will help you understand the gravity of this problem:
Their Terms and Conditions are Horrible, New Users are Getting Duped
Kueh says she had requested a refund months ago but hasn’t received it yet. She explains that new users give positive reviews because their initial experiences are smooth.
However, they will slowly realize why the old users posted negative reviews.
She highlights that QuinReward launches new vouchers to attract new clients. But old users can do nothing but suffer.
She says you can’t even take any legal action against them because they keep changing their terms and conditions.
Also, she says their terms are not favorable for users.
QuinReward Doesn’t Refund the Money
Meng used the QuinReward app for a few months. He tried to get a refund but he can’t. The money is stuck with the app.
Luckily, he didn’t top up too much.
App Suddenly Logged Out the User and Took All of His Funds
William had used the QuinReward app for 1 to 2 months.
Suddenly, tehy deactivated his account and he could no longer access it. Moreover, when he tried to contact them, he found out that there was no way to do so.
He was able to log in by taking the help of an agent.
However, he found that all of his money was gone. William points out he lost a hundred dollars.
The QuinReward App Has Too Many Errors and Bugs
Here, the user says they updated the app and it started showing a credential error. So, they were unable to access their account.
When they solved the problem the app kept crashing.
Also, it took them multiple tries to log in.
The user also highlights that the app doesn’t give notifications and you can’t click individual messages to see their full version. They say it’s a total disaster.
Additional QuinReward Reviews You Must Read:
Most of the complaints against this platform are about how it doesn’t issue refunds. If you choose any QuinReward review from the ones below, you’d find a complaint about their refunds.
Certainly, something is very wrong with this Malaysian platform:
Senator Urges for Investigation Into QuinReward
In January 2022, Senator Robert Lau urged the relevant authorities to begin investigating Quinton Group’s QuinReward scheme.
Many of the platform’s members had contacted Senator Lau about how they were unable to get their refunds.
In January, people even stormed the supermarket chain of the group to clear out its stock.
In a statement, Senator Lau explained that many people have invested in QuinReward to take advantage of the 50% discount offer.
He highlighted that investors deposited money with the platform for e-vouchers which they could use to get discounts.
However, many merchants stopped accepting those e-vouchers and the investors got worried.
They wanted to get refunds but the platform wasn’t issuing any.
Senator Lau also advised the public to avoid falling for “too good to be true” schemes.
After seeing the various reviews on the QuinReward app, it’s obvious that the platform is not as reliable as it claims to be.
It has received numerous complaints for preventing users from getting their money back. Furthermore, it has even prompted government officials to take interest.
Recently, tech-based Ponzi schemes have become extremely popular among scammers. For example, Mayo Trade is a European Ponzi scheme posing as a tech startup. Similarly, you have Yolllo a blockchain-based Ponzi scheme targeting consumers in Eastern Europe.
Due to these reasons, you should be extremely cautious while dealing with QuinReward.
QuinReward is an internet platform which offers discounts in exchange for points you buy. It has received numerous complaints for preventing its users from getting their money back.
- Received too many complaints
- Notorious for blocking its users’ funds
- Facing risk of action by authorities