Buyers can encash their own refunds whenever and however they want
Snapdeal, India’s leading value commerce platform, today announced its partnership with India’s leading payments and API banking solutions company, Cashfree Payments, to enable instant processing of refunds against Cash on Delivery (CoD) orders.
Traditionally, processing refunds for CoD orders has been a multi-step and time-consuming process, which includes manually adding the customer's bank account details, onboarding the customer as a payee and tracking as well as reconciling refunds batch-wise. With the integration of Cashfree Payments’ product ‘Cashgram’, Snapdeal will be able to process refunds with only the customer’s mobile number or email address, with credits automatically flowing to the customer’s UPI-linked bank account, or wallet.
Online shopping is getting increasingly more popular, especially among customers from smaller cities. A recent RedSeer report commissioned by Snapdeal has highlighted this rapid growth of online customers in India’s 2+ cities and towns, who are expected to triple in size from approx. 78 mn in 2021 to nearly 256 mn by 2026.
A significant proportion of buyers from smaller cities prefer to pay in cash for their online purchases. For this cohort of buyers, the ease and speed of getting refunds for orders that they may choose to return is a key consideration. With the integration of ‘Cashgram’ by Cashfree Payments, Snapdeal now offers a seamless and fast refund process, where customers can get their refund instantly or later as per their own choice, either to their bank accounts or to their preferred wallets.
Gurugram | March 28, 2022
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