PhonePe enables Online Dispute Resolution (ODR) platform for UPI
Post implementation of the RBI initiative, there has been 50% improvement in resolution time of pending transactions
Bengaluru, October 13th, 2022: PhonePe, India’s leading FinTech platform, today, announced the enablement of UPI Unified Dispute & Issue Resolution (UDIR) system. This has led to a significant improvement in the dispute resolution time on PhonePe.
UDIR is an automated, single-channel redressal system designed to seamlessly address customer issues and complaints regarding pending transactions, and provide speedy dispute resolution in an online manner instead of manual file based processes. The Complaint Management System allows customers to raise a complaint directly through the PhonePe app, which is then assigned to the relevant bank/PSP involved in the transaction through an automated manner for resolution.
There are 3 functionalities enabled currently through UDIR:
- Status finalization for pending transactions: Post implementation of UDIR, we are seeing about 50% improvement in resolution time
- Confirmation of refund credit to the remitters’ bank account in case of failed transactions: We are now able to share the refund credit confirmations to all customers which has improved confidence in UPI transactions
- Ability for consumers to raise complaints which can be resolved in automated manner by the respective banks/PSPs.
Commenting on the initiative, Deep Agrawal, Head – Payments, PhonePe, said, “From the early days of UPI launch over 6 years back to now, there has been a consistent focus on improving the success rates and transaction experience by the entire ecosystem driven by NPCI. We would like to thank the RBI for introducing the Online Dispute Resolution (ODR) functionality which has further strengthened consumers’ belief in UPI. We are already seeing the benefit translate into higher customer NPS. This fosters transparency and helps nurture a deeper trust in the current payment infrastructure which is the ultimate stepping stone for scaling the ecosystem towards deeper financial access and inclusion.”
PhonePe was founded in December 2015, and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 400 million registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 30+ million offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe forayed into financial services in 2017, providing users with a safe and convenient option to buy 24-karat gold, and has recently also launched silver on its platform. Since then, PhonePe has introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, COVID-19 insurance amongst others. Using PhonePe, users can also send and receive money, recharge mobile, DTH, pay at stores and make all their utility payments. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).
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