Bangalore, India, August 31, 2015: Flipkart today announced the launch of its instant refund mechanism via Immediate Payments System (IMPS) transfers. Continuing the innovation journey by announcing this newly launched payment mechanism, 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 CoD IMPS return facility is currently active for banks having IMPS transaction capability(http://www.npci.org.in/bankmember.aspx). 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.
Commenting on this development, Punit Soni, Chief Product Officer- Flipkart said, “Customer experience and convenience is at the center 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. 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.”
“Our synergies with Flipkart to provide the best possible customer experience has led this association grow bigger. We strongly feel that enabling our fast-growing product IMPS (Immediate Payment Service) with Flipkart’s quicker refund strategy will create a benchmark experience to customers. IMPS’ vision is to provide ‘any-time, any-place’ real-time funds transfer facility to customers for varied needs. 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,” says Dilip Asbe, COO, NPCI.
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