E-commerce platform Flipkart has launched instant repayment mechanism through immediate payments system (IMPS) transfers where customers will get returns within 24 hours, the company said on Monday.
Flipkart aims to ensure that refunds for cash on deliver (CoD) orders are credited back to customers instantly as soon as the product reaches the Flipkart hub, the company said in a statement here.
“Customer experience and convenience is at the centre of all things we do at Flipkart. Our return procedure is already one of the fastest in the country. In the last two months, we have extended this further by piloting the IMPS refunds program, which has seen positive adoption and traction from our end users,” Punit Soni, chief product officer-Flipkart said.
The CoD IMPS return facility is currently active for banks having IMPS transaction capability.
“Entitled customers will be regularly notified about the status of their refund via SMS and emails. Earlier, the refund process used to take three to five business days, causing customer discomfort,” it added.
“This is a huge step in the payments front and has a big impact in the way customers shop on Flipkart. An instant, hassle-free refund experience, combined with consistent and accurate communication to the customer is definitely going to be a breakthrough, and a way forward for all future payment innovations,” Soni added.
“Transactions on IMPS can be accessed and initiated across different channels such as mobile, internet, NUUP, ATM and at bank branches. More than 12 million successful transactions are been processed every month,” Dilip Asbe, chief operating officer, NPCI said.