UPI Rules: From big malls to vegetable shops on the street, people nowadays make payments through UPI everywhere. Making payments through UPI has become a part of people’s lives in India.
Now a news has come regarding UPI payment. Now if the transaction fails or money gets stuck through UPI, you will not have to wait for many days for a refund. You will get the money instantly. Actually, the National Payments Corporation of India (NPCI) has now automated the approval and rejection process for chargeback requests.
If there is a problem in any UPI transaction, such as transaction failure or money getting stuck, then you will not have to wait for a long time for a refund. This means that now if your UPI transaction fails and you have not received a refund, then you will not have to wait long in the process of requesting a chargeback from your bank as before. The request made by your bank will now be dealt with faster, as this process has been automated. This will make the refund process faster than ever and the money will be returned to your account as soon as possible.
The new automated chargeback process is coming into effect today, February 15, 2025, which aims to improve the case of UPI transactions. This new system will make the chargeback process even more transparent and faster.
Why do chargebacks happen?
Chargebacks usually occur when there is a technical problem, fraud, or non-delivery. For example, a refund is initiated in case of internet problems, repeated deduction of the same transaction, or fraud.
Difference between chargeback and refund – Both chargeback and refund involve the return of a payment, but there is a big difference between them
- Refund: The customer has to apply for a refund from the service provider or business.
- Chargeback: The customer has to apply to the bank to investigate the transaction and refund it
- The new rules will make the chargeback process faster and transparent, so that users will not face much hassle.
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