1 Statutory Scope & RBI Harmonisation
This Cancellation, Refund, and Return Policy defines the standard operating procedures and Turn Around Time (TAT) applicable to transactional disputes, debited-but-failed digital payments, merchant wallet reconciliations, and physical POS terminal hardware equipment provided by ReffersPay FinCorp Private Limited ("ReffersPay").
Our refund rules strictly align with the Reserve Bank of India (RBI) directive on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems (Circular DPSS.CO.PD No.629/02.01.014/2019-20) and National Payments Corporation of India (NPCI) procedural frameworks.
2 Digital Transaction Failure TAT Matrix
When a payment fails due to technical timeout, telecom interruption, core banking system (CBS) downtime, or NPCI switch latency, auto-reversal is triggered per the statutory timelines below:
| Payment Rail / Service | Failure Scenario | Statutory TAT Window | Delay Compensation |
|---|---|---|---|
| AePS Cash Withdrawal | Customer bank debited, but cash not dispensed by BC agent terminal. | T + 5 calendar days | ₹100 / day beyond T+5 |
| BBPS Bill Payment | Debited from customer; utility biller reconciliation pending or rejected. | T + 1 to T + 3 business days | Auto-refund to source |
| DMT / IMPS Money Transfer | Sender debited, beneficiary bank uncredited or timeout. | Instant or T + 1 business day | ₹100 / day beyond T+1 |
| Merchant Wallet Top-up | Bank debited via UPI/Netbanking, wallet balance not credited. | 24 to 48 hours (T + 2) | Auto-credited or refunded |
* "T" denotes the date of the transaction. All compensation credits are handled in conjunction with the customer’s issuing bank as prescribed by RBI.
3 AePS Cash Withdrawal Reversals
In an AePS transaction where biometric authentication succeeds and the customer’s bank account is debited, but the Retailer's application throws a timeout or connectivity error before cash can be handed over:
- Retailer Protection: The BC agent must NOT hand over physical cash unless the transaction status explicitly states "SUCCESS" and generates a valid 12-digit Retrieval Reference Number (RRN).
- Customer Safeguard: The debited amount is placed in auto-reconciliation mode by the NPCI switch and the customer’s issuing bank. Under normal processing, funds automatically reverse to the customer’s bank account within T+5 days.
- Proof of Status: The merchant can print or share a digital receipt displaying the "Pending/Failed" status code and RRN so the customer can track the status with their home bank branch.
4 BBPS Utility Bill Reconciliation & Refunds
Bharat Bill Payment System transactions are processed under NPCI BBPS operating unit protocols. If a bill payment transaction fails after debit:
- The funds are systematically returned to the merchant's virtual working capital wallet within T+1 day.
- The merchant is legally mandated to immediately refund the collected cash/digital amount to the consumer or re-initiate the bill payment with customer consent.
- In cases of biller-side duplicate debits, the excess credit is adjusted in the consumer's subsequent billing cycle directly by the utility company.
5 DMT & IMPS Remittance Reversals
For Domestic Money Transfer transactions, where the remitter’s wallet is debited but the beneficiary account is not credited due to destination bank IFSC downtime, the IMPS switch auto-reverses the transaction. ReffersPay restores the amount to the remitter / retailer wallet within a maximum window of T+1 business day.
6 4G Soundbox & POS Hardware Return Policy
ReffersPay provides merchants with commercial-grade IoT hardware devices, including 4G Multi-Lingual Soundboxes, Biometric RD Scanners (Mantra/Morpho), and Micro-ATM (mPOS) terminals.
7-Day Free Replacement Guarantee
If your delivered soundbox or biometric terminal arrives defective, damaged in transit, fails to power on, or displays SIM registration errors, you are entitled to a 100% free swap within 7 days of courier delivery.
Free Courier Reverse Pickup
ReffersPay arranges doorstep return pickup via our integrated logistics partners (Delhivery / Blue Dart). Once handed over, the replacement tracking ID is dispatched immediately.
7 1-Year Comprehensive Hardware Warranty
All ReffersPay 4G Soundboxes and biometric terminals are covered by a standard **12-Month Comprehensive Manufacturer Warranty** from the date of initial dispatch.
What is Covered: Internal PCB circuit faults, speaker amplifier failures, 4G cellular modem connectivity dropouts, charging port solder failures, and battery degradation below 60% capacity under normal usage.
What is Not Covered: Physical liquid ingress/water damage, cracked plastic chassis from drops, motherboard burnouts caused by high-voltage non-standard chargers, tampered warranty void stickers, or stolen devices.
8 Hardware Return & RMA Procedure
To initiate a hardware replacement or warranty service claim:
9 Merchant Onboarding & Subscription Fees
One-time Platform Onboarding / KYC Verification Fees: These fees cover statutory regulatory background verification, CKYC registry lookups, and account provisioning, and are strictly non-refundable once the merchant portal account is approved.
Monthly 4G Soundbox Cloud Rental Fees: If a merchant surrenders an active soundbox in good working order before the 15th of any billing month, the current month rental will be adjusted pro-rata, and future recurring auto-debits will cease immediately.
10 Dispute Tracking & Dedicated Refund Helpdesk
For any unsettled transaction failure or delayed reversal, our dedicated settlements and refund desk is available 24x7:
Settlement & Refund Escalation Desk: ReffersPay FinCorp Private Limited
Email: refunds@refferspay.world / support@refferspay.world
Toll-Free Helpline: 1800 890 2470 (Toll-Free 24x7)
Official Escalation: View Statutory Grievance Redressal Officer
Need Help Escalating a Payment?
Review our statutory 4-tier Grievance Redressal matrix.