E-commerce major Flipkart has said it has rejigged its refund policy to ensure all the refund for ‘Cash on Delivery’ (COD) purchases is processed within a day. The company will use the mechanism of Immediate Payments System (IMPS) and within 24-hours of the product reaching its hub, the money will be transferred to the user’s account.

“This is a huge step in the payments front and has a big impact in the way customers shop on Flipkart.  An instant, hassle-free refund experience, combined with consistent and accurate communication to the customer is definitely going to be a breakthrough, and a way forward for all future payment innovations,” said Punit Soni,  Chief Product Officer- Flipkart.

However, the one-day refund policy can only be used by buyers whose bank supports the transfer of money through IMPS.