Online marketplace Snapdeal has launched its instant refund facility to help its customers get refunds within one hour of receiving the returned products. The instant refund will be completed using Immediate Payments System (IMPS) transfers. The online marketplace has tied up with a private bank to introduce an automated, API-based real-time refund transfer system based on IMPS technology.
According to snapdeal, the high-capacity IMPS real-time integration will allow customers to receive their refund within 1 hour of the product being returned. All customers using the Cash On Delivery (CoD) facility will have access to IMPS 24/7, including on holidays.
Transactions on IMPS can be accessed and initiated across different channels like smartphones and PCs. Recently Snapdeal and GoJavas announced the launch of a service called ’90 minutes reverse pick-ups’. With this, Snapdeal customers wishing to return/ replace their online orders are reached within 90 minutes of intimation.
- E-commerce, short for electronic commerce, is trading in products or services using computer networks, such as the Internet.
- In India, the Information Technology Act 2000 governs the basic applicability of e-commerce.
- Snapdeal was started in February 2010 as a daily deals platform but expanded in September 2011 to become an online marketplace
- In March 2015, Snapdeal brought actor Aamir Khan for the promotion of its website in India.
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