Consumers who make an eligible return can now receive near instant refunds when returning goods for online purchases.
Worldpay is laying claim to a first of its kind service that delivers near instant refunds, depending on the receiving financial institution.
This is available to the vast majority of UK shoppers using Mastercard and Visa cards when making purchases at participating retailers, including HMV. Consumers who make an eligible return can now receive near instant refunds when returning goods for online purchases.
“UK consumers can pay for goods and services instantly, however, refunds have not kept pace with that level of immediacy,” said Alan Marquard, Head of Transfer Solutions at Mastercard.
“Leveraging Mastercard Move’s money movement capabilities, we are supporting Worldpay to increase the speed of refunds to some of the UK’s most well known brands, giving shoppers greater peace of mind and helping retailers offer a first rate service.”
“As leaders in card issuance, it is our responsibility to work across the entire ecosystem to drive innovation and change, which is why we’re excited to be working with Worldpay to improve on refunds for consumers,” said Anastasia Serikova, VP Revenue & Growth, Visa Direct EU.
“Consumers want their money to move faster – whether that’s when sending or receiving funds – together we’re delivering a positive change in how refunds are done.”
“Studies show that up to 30% of all ecommerce purchases end in a return or exchange. Offering a faster refund experience means merchants can create better customer interactions. For example, it could potentially reduce calls to customer service to track funds,” said John McNaught, Head of Payouts at Worldpay.
“Put plainly, refunds are a headache for consumers and merchants alike. Worldpay is taking the pain out of the process by making refunds nearly instant.”
In addition to the UK, the service will be rolling out to merchants across the European Union in 2025 for both online and PoS transactions.
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