New UPI Rule: If there is a problem in any UPI transaction, like transaction failure or money getting stuck, then you will not have to wait long for a refund. The new automated chargeback process is coming into effect from today, 15 February 2025, which is aimed at improving the case of UPI transactions.
New UPI Rule: From big malls to vegetable shops on the cart, nowadays people make payments through UPI everywhere. Making payments through UPI in India has become a part of people’s lives. At the same time, now a news has come regarding UPI payment. Now you will not have to wait for many days for a refund if the transaction fails or money gets stuck with UPI. 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 from today, 15 February 2025, which is aimed at improving the case of UPI transactions. This new system will make the chargeback process even more transparent and faster.
Why does a chargeback happen?
Chargebacks usually occur when there is a technical problem, fraud, or non-delivery. For example, in case of internet problems, repeated deduction of the same transaction, or fraud, the refund process is initiated.
Difference between chargeback and refund – Both chargeback and refund involve the return of 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 have to face much trouble.
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