Enabling Technologies

India Update: E-Commerce Refund in One Hour; Paytm Now Lets Students Make Cashless Payments and WhatsApp Moment in Financial Services

E-Commerce Refund in One Hour:

The e-commerce sector is focusing on customer satisfaction by gradually adding new features to its services. The latest in the pipeline is instant refund. After Flipkart launched a same-day refund facility, competitor Snapdeal recently announced that it will refund buyers within one hour of receiving the returned item.

To provide this service, Snapdeal has partnered with a private bank to introduce an automated, API-based, real-time refund transfer system based on IMPS technology.

With IMPS technology, the company can refund instantly. The high-capacity IMPS real-time integration will let users get their funds back in one hour of returning the item. Customers will have access to IMPS 24/7, including on holidays with the condition that they use the cash-on-delivery (CoD) option.

Paytm Now Let Students Make Cashless Payments:

Paytm, an India m-commerce company, launched cashless payments in more than 10 educational institutions. With this service, students and their parents can now pay for fees, uniforms, books and make many other purchases without cash through the Paytm Wallet.

Paytm said that it has collaborated with IIT Mandi, Universal Education Trust, KN Modi University, Vidyamandir Classes, Made Easy, Career Launcher, Jamboree, Primus Public School in Bengaluru, Swaminarayan Gurukul Vidyalaya and Delhi Public School. Paytm is in discussions to tie-up with IITs, IIMs, and central & state universities soon, the company said.

In an email statement, Vijay Shekhar Sharma, Founder and CEO of Paytm, said that the firm will aggregate and offer various online courses on Paytm in the future. "Since this segment involves children, the advent of cashless purchases and payments obviates chances of theft and misplacement that often come with carrying cash."

Nandan Nilekani on Disruption in Indian Financial Services Space at TiE LeapFrog:

At the TiE LeapFrog, Nandan Nilekani talked about disruption in the financial services space. He said just like WhatsApp’s innovation disrupted the messaging space from 2009 onwards, digital innovation is disrupting the payment and banking space in India.

“Stop saying that we are creating India’s version of an American product or service—we are innovating today in completely new ways,” said Nandan Nilekani, Co-founder of Infosys and Founding Chairman of Aadhaar.

Priti Thakur

Priti has keen interest in digital money and fintech startups . She completed her B-School education this year and likes to write about innovation with respect to digital payments.

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