Snapdeal, a value commerce platform, announced its partnership with payments and API banking solutions company, Cashfree Payments, to enable instant processing of refunds against cash on delivery (CoD) orders.

• L&T Shares Trade With Nominal Losses Despite Securing Orders 
• Daily vs Weekly SIP: Which Can Supercharge Your Portfolio to the Million-Mark?
• Rail Vikas Nigam Shares Take a Hit Despite Rs 165 Crore Order 
• Lupin Shares Gain 1% as Unit Receives EIR Status from USFDA
• Glenmark Unit Signs Exclusive NSCLC Drug Pact with Hansoh Pharma; Shares Drop 1%

Traditionally, processing refunds for CoD orders has been a multi-step and time-consuming process, which includes manually adding the customer’s bank account details, onboarding the customer as a payee and tracking as well as reconciling refunds batch-wise.

With the integration of Cashfree Payments’ product ‘Cashgram’, Snapdeal will be able to process refunds with only the customer’s mobile number or email address, with credits automatically flowing to the customer’s UPI-linked bank account or wallet.

Online shopping is getting increasingly popular, especially among customers from smaller cities. A recent RedSeer report commissioned by Snapdeal has highlighted this rapid growth of online customers in India’s 2+ cities and towns, who are expected to triple in size from about 78 million in 2021 to nearly 256 million by 2026.