Need for speedy refunds : Indian Payments
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Need for speedy refund
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Why and how customer experience can be improved for refund transactions for growth in eCommerce industy
Transcript of Need for speedy refunds : Indian Payments
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
