Cashfree has introduced a new solution in the country’s e-commerce space: instant refunds on online payments for e-commerce businesses. With Cashfree’s instant refunds, e-commerce platforms would be able to immediately return their customers’ money through their original mode of payment, whether it is credit or debit card, bank account, online wallet or UPI.
The instant refund solution can be availed without any changes to the existing Cashfree payment gateway integration. It also integrates with other payment gateways, internal product or Enterprise Resource Planning (ERP) process through a simple API (Application Programming Interface).
Cashfree’s latest launch is a timely move towards enhancing consumer trust in the digital payments space in India. As part of the Union Ministry of Consumer Affairs’ proposed guidelines for e-commerce under the new Consumer Protection Act, firms would be granted a maximum of 14 days to effect any refund requests from customers. At the moment, there will be no additional charges on instant refunds for Cashfree payment gateway users till December 31st, 2019. In the coming weeks, Cashfree also plans on adding refunds for Cash on Delivery (COD) orders into its instant refund solution to allow integrated refund management for businesses.