Efficient Payment, Inefficient Refunds. Can we improve?
We have been focusing and pushing for #InstantPayment and transfers, and to much extent we have achieved it as well. But what about instant #Refunds? Why does it get delayed to 3-5 working days? Can we start working on it by reducing the standard TAT to 12-24 hours (this also is too much)
Many businesses are doing it, especially the new entrants and I am sure they have realised that Instant refunds not only brings efficiency to market operations but also builds customers’ trust to #TryMore and also favours the organisation. This can easily be achieved by maintaining a Pre-Paid balance with their payment system provider.
Gone are the days when businesses used to enjoy float interest by delaying payments and refunds. If any organisation is still following this practice, trust me if you are not a very big organisation (takes time to fail) you will face trouble in the near future.
“If you are not bringing Efficiency someone else will, a Market can never remain inefficient for Long”. Its better you start it.
Instant Refunds is Equally Important to Instant and Real Time Payments.
If we can build for real time payments, then why not real time/instant refunds? #NPCI?
Please share your thoughts and experiences..