Snapdeal has teamed up with Cashfree Payments to allow for immediate refunds on COD orders
- ByStartupStory | March 29, 2022
Snapdeal, a value commerce platform, established a partnership with Cashfree Payments, payments, and API banking solutions firm, on Monday to offer quick refund processing for cash on delivery (CoD) transactions.
Processing refunds for COD orders has traditionally been a multi-step and time-consuming procedure that involves manually entering the customer’s bank account information, enrolling the customer as a payee, and batch tracking and reconciling reimbursements. Snapdeal will be able to process refunds using simply the customer’s cellphone number or email address, with credits automatically flowing to the customer’s UPI-linked bank account or wallet, thanks to the integration of Cashfree Payments’ product ‘Cashgram.’
Customers from smaller cities are increasingly turning to the internet for their shopping needs. According to a recent RedSeer analysis commissioned by Snapdeal, the number of online users in India’s 2+ cities and towns is predicted to treble from approximately 78 million in 2021 to roughly 256 million by 2026.
A large percentage of purchasers from smaller locations choose to pay for their online purchases in cash. For this group of purchasers, the convenience and quickness with which they can receive refunds for goods they may choose to return are crucial. Snapdeal now offers a simple and fast refund procedure with the integration of ‘Cashgram’ by Cashfree Payments, where consumers can receive their refund promptly or later as per their preference, either to their bank accounts or to their preferred wallets.
In a customer journey, offering a seamless payment experience is crucial, says Reeju Datta, co-Founder of Cashfree Payments. And one of the problems for e-commerce enterprises has been issuing refunds, particularly to Cash on Delivery (CoD) clients. The organization is excited to work with Snapdeal to provide customers with a seamless COD refund experience. A breakthrough and a way ahead of all future payments will be a quick, hassle-free refund experience combined with continuous and accurate communication with the client.
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