PhonePe Enables Online Dispute Resolution Platform For UPI, Claims Improvement In Dispute Resolution Time
Digital payments company PhonePe has announced the enablement of UPI Unified Dispute and Issue Resolution (UDIR) system.
Digital payments company PhonePe has announced the enablement of UPI Unified Dispute and Issue Resolution (UDIR) system. This has led to a significant improvement in the dispute resolution time on the platform, the company added.
Unified Dispute and Issue Resolution or 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 or PSP involved in the transaction through an automated manner for resolution.
“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," Deep Agrawal, Head - Payments, PhonePe, said in a statement.
"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.”
Currently, there are three functionalities enabled through UDIR, which include status finalisation for pending transactions: post implementation of UDIR, the company is seeing about 50 per cent improvement in resolution time.
The two other functionalities are confirmation of refund credit to the remitters’ bank account in case of failed transactions and the ability for consumers to raise complaints which can be resolved in an automated manner by the respective banks or PSPs.
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