E-commerce companies can now make refunds to customers instantly

Published on – June 2017

Author - YES BANK

Myntra is one of the leading E-Commerce companies in India. YES BANK’s digital solution has enabled Myntra to provide instant refunds to its customers.

What was the Need for Innovation?

Earlier, Myntra was facing the following issues –

Significant lead time in processing refunds
Manual reconciliation of refunds
Increase in overhead costs due to manual payments process

YES BANK's Innovative API Banking Solution

YES BANK’s digital solution facilitates real-time processing of refunds directly from Myntra’s ERP. Moreover, this is not only for the payments made via online mode but also payments via Cash on Delivery, Internet Banking or Digital Wallets.

Impact of the Solution

There was a significant reduction in the turnaround time in the refund cycle. The time span for receiving refunds reduced from several days to real-time. This further led to improved customer experience. This facility was available 24x7 with the help of IMPS, which ultimately enabled instant reconciliation. The entire process was seamless and secured.