No need to wait for 7 days: Razorpay unveils 'Instant Refunds' technology

This new feature activates refunds and credits the customer's source account across payment methods such as credit card, net banking and UPI within a minute of initiation

The next time you cancel an air ticket or e-commerce order, you can get a refund within a few minutes, instead of waiting for 5-7 business days, thanks to fintech firm Razorpay. 

The Bengaluru-based company has created a technology to make this possible at a time when at least 30 per cent of the orders have to get refunded on an average. 

These span industries such as e-commerce, travel and foodtech due to various reasons, including the return of orders, cancellation of flights and issues related to quality. 

To help merchants improve the online payment experience for consumers, Razorpay, which