While #Disputed/Unknown transaction can be a business model for few #Payment service providers, and Banks (calculate it at approx 1% of the business GMV) but its definitely not a good sign for #DigitalPayment adoption in the country, in fact its a #RoadBlock.
It creates distrust in the system. I have many first hand experiences where it took 1 month to repost the disputed/failed transactions to customer’s account, many are still struggling to get their money back.
I have been advocating and raising the issue of “Improved and Customer Friendly #ChargeBack system” through different platforms, including #LinkedIn.
It must be “#Reverse the disputed transaction first and then investigate”. It can be done for small value transactions (SVT) say transactions less than Rs. 2000.
Currently the #ChargeBack systems are in favour of PSPs and Banks, the SVT amount matters a lot to an individual than a company.
Its like “Once bitten twice shy”, once a Digital transaction/system fails, many customers go back to cash and passbook printing methods.
Small things need to put in order, and I am confident #Digital and #FinTech has a great future in India..
Microfinance Gateway, Reserve Bank of India (RBI), #PCI, #IAMAI.