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Whose refunds is it anyway: A look at UPI’s underprepared redressal mechansim

Following the demonetization of Rs 500 and Rs 1,000 notes, the Unified Payments Interface (UPI) has seen a surge in the number of transactions. Provisional data from the Reserve Bank of India (RBI) showed that the number of UPI transactions hit 2 million with the total value of them at around Rs 700 crore in the month of December 2016. In November 2016, the total number of transactions on UPI were around 300,000 with a total value of Rs 90 crore. However, it seems that there are still structural issues and many transactions on the platform are failing and customers have not been able to get refunds to their bank accounts. The problem is exacerbated by the fact that there is no API for refunds from banks at the moment. @PhonePe_ has v bad service. Rs 5000 topup failed 14…

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