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.
Flipkart is India’s largest e-commerce marketplace with over with over 60% market share of mobile commerce. With a registered customer base of 100 million, Flipkart offers more than 80 million products across 80+ categories including smartphones, books, media, consumer electronics, furniture, fashion and lifestyle. Launched in October 2007, Flipkart is known for its path-breaking services like Cash on Delivery, experience zones and a 10-day replacement policy. Flipkart was the pioneer in offering services like In-a-Day Guarantee (50 cities) and Same-Day-Guarantee (13 cities) at scale. With over 1,00,000 registered sellers, Flipkart has redefined the way brands and MSMEs do business online.
About Visa Inc.:
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. Visa operates one of the world’s most advanced processing networks – VisaNet – that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information visit www.visa.co.in.