Need for speedy refund

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 …

Bank Account is debited • Immediately …

But if Payment fails ?

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.”

Customer Care

Merchant :Please contact your bank , we have refunded

Bank :Will be refunded on receipt of refund from your

merchant

During normal period -

• Customer waits 3-5 days to get refund

During festival season-

• Can be more than 7 days

Why ?•Net Settlement•Offline Process

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

Who can play key roles ?• RBI• Visa / MasterCard / NPCI• Aggregators• large merchants

Happy Customers , More Business

Thank You