March 30, 2017
New Delhi, March 30, 2017: Flipkart, the country’s leading online marketplace and Visa, the global leader in payments technology, today announced instant refunds on returns for online shoppers on Visa Debit card purchases.
Since the launch of Visa Developer Platform, an open platform to enable and support Visa’s clients and partners to create innovative commerce experiences, this is the first successful use case in India leveraging the power of the Visa Network to create a superior payment experience.
T.R. Ramachandran, Group Country Manager, India and South Asia, Visa, said, At Visa, we are committed to working with partners including financial institutions, merchants, startups and developers to develop innovative solutions specifically for Indian consumers. We are confident that the instant refund solution on Flipkart is a critical differentiator in India’s e-commerce industry and will drive consumer confidence leading to further acceleration in adoption of online commerce.
Commenting on the partnership, Kalyan Krishnamurthy, CEO, Flipkart said, At Flipkart, we have a rich legacy of introducing customer-centric innovations like No Cost EMI and Cash on Delivery, which have redefined online shopping for millions of Indians. Our partnership with Visa is a continuation of our efforts to innovate for our customers, and make online shopping a way of life for our audiences.
With the instant refund facility, online shoppers using their debit cards for purchases on Flipkart will get an immediate credit into their account in the event of a return, as compared to the usual 2–7 working days.
Debit cardholders of the following leading banks are eligible to receive funds instantly using Visa Direct, which include State Bank of India, ICICI Bank, Standard Chartered Bank, Bank of India, Bank of Maharashtra, Federal Bank, IDBI Bank, and The South India Bank.
The feature is now live on Flipkart and can be availed by customers.
About Visa Inc.: