Visa Debit Card Users Can Get Instant Refund From Flipkart

If you buy from Flipkart using a Visa card, you can instantly get a refund on returning the product.

E-commerce major Flipkart on Thursday announced instant refunds on return of products purchased using Visa debit cards. The move is aimed to drive process efficiencies and provide hassle-free experience to shoppers, online marketplace Flipkart and leading debit card brand Visa said in a statement.

Under this facility, online shoppers using Visa debit cards to make purchases on Flipkart would get an immediate credit into their account if they return the product. Earlier, this process used to take 2-7 working days after acceptance of a return request raised by the buyer.

The instant refund will be completed using Immediate Payments System (IMPS) transfers, it said adding that 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, it said.

"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 programme, which has seen positive adoption and traction from our end users," Flipkart chief product officer Punit Soni said.

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, he added.

"We strongly feel that enabling our fast-growing product IMPS with Flipkart's quicker refund strategy will create a benchmark experience to customers," National Payments Corporation of India (NPCI) COO Dilip Asbe said.

Transactions on IMPS can be accessed and initiated across different channels like mobile phones, PCs, NUUP, ATM and at bank branches.

More than 12 million successful transactions are been processed every month

Here is how the new refund process will work:

Step 1: You make a purchase on Flipkart online portal or through its app using ‘Visa’ debit card
Step 2: If you decide to return the product, go to the ‘My Orders’ option on the Flipkart web portal or app, and click on ‘Return’
Step 3: Fill the details providing the reason for returning the product and raise a request for refund
Step 4: Once the return is approved by Flipkart, the amount gets credited to the ‘Visa’ debit card you used at the time of making purchase.

"At Visa, we are committed to working with partners, including financial institutions, merchants, start-ups and developers, to come out with innovative solutions specifically for Indian consumers. We are confident that the instant refund solution on Flipkart is a critical differentiator in India's ecommerce industry and will drive consumer confidence leading to further acceleration in adoption of online commerce," said T R Ramachandran, Group Country Manager, India and South Asia, Visa.

"Our partnership with Visa is a continuation of our efforts to innovate for our customers, and make online shopping a way of life for our audiences," said Flipkart CEO Kalyan Krishnamurthy.

Visa Direct debit cardholders of banks like SBI, ICICI Bank, Standard Chartered, Bank of India, Bank of Maharashtra, Federal Bank, IDBI Bank and The South India Bank are eligible to receive funds instantly.