Download - Need for speedy refunds : Indian Payments
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Need for speedy refund
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We open our browser / app to -
•Book Tickets (Train / Bus / Air / Movie …)•Buy – Books , Dress , Mobile , Laptop etc• Pay Bills•Recharge Mobile and many more …
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Bank Account is debited • Immediately …
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But if Payment fails ?
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Aggregator has already warned - “Please note that if your payment is not successful due to any reason, the debited amount will be reversed to your account within 5 working days.”
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Customer Care
Merchant :Please contact your bank , we have refunded
Bank :Will be refunded on receipt of refund from your
merchant
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During normal period -
• Customer waits 3-5 days to get refund
During festival season-
• Can be more than 7 days
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Why ?•Net Settlement•Offline Process
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How can it be improved ?• Card to Card transfer for Card Transactions• Refund using IMPS for Net Banking transactions.
No dependency on issuer bankRefund not delayed due to holidays
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Who can play key roles ?• RBI• Visa / MasterCard / NPCI• Aggregators• large merchants
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Happy Customers , More Business
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Thank You