New Delhi [India], September 5: UPI Merchant UDIR (Unified Dispute and Issue Resolution) system was successfully completed by NPST & NPCI. NPST have completed POC for Realtime refund process with a Marquee PAPG for resolving customer disputes and grievances pertaining to UPI payments, using a system-driven and rule-based mechanism with a minimal manual intervention.
While the volume of UPI transactions has been increasing, with a free-market model in UPI is continuing exponential growth, where pricing model and charges are determined by market forces. Regulators have understood the importance of Unified Dispute and Issue Resolution
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 NPST TPAP App, which is then assigned to the relevant bank or PSP involved in the transaction through an automated manner for resolution. Implementation UDIR will benefit translate into higher customer Net Promoter Score.
NPST has built APIs and online portals as a quick access to its clients majorly Payment aggregators and merchants with ready to integrate tools and easy to use process. Currently, there are three functionalities enabled through UDIR, which include status finalization for pending transactions: post implementation of UDIR, the company is seeing about 50 per cent improvement in resolution time.
To further its goal in bringing best value proposition to its merchants, NPST has successfully developed and launched the Online Dispute Resolution mechanism for its Merchants in UPI ecosystem. As a First in industry, NPST intends to provide a ready-to-use platform to Banks and Merchants for immediate roll out of this automated mechanism for managing disputes and Refunds to overcome the back-office challenges. The solution will not only bring confidence amongst Merchants but also result in providing more visibility to entire dispute redressal value chain and better access to ecosystem. It will reduce the turnaround time for dispute resolution facilitating Merchant and Bank with quick access and refining dispute redressal value chain.
NPST has built APIs and online portals as a quick access to its clients majorly Payment aggregators and merchants with ready to integrate tools and easy to use process.
Over the next few months' time, 80-90 per cent of disputes caused by payment issues between a variety of participants of the large supply chain of UPI ecosystem will get resolved online through this.
"NPST's vision to provide digital technology to merchants and bridge the gap between banking and fintech ecosystem has led us to build Online Dispute Resolution on our Evok platform which will complete the entire value chain, so far missing in the industry. As a first mover, we will continue to scale and innovate on this platform solving hindrances in financial value chain and contributing to last mile users. We will ensure to keep up with industry demand and challenges in implementation of new use cases" Deepak Chand Thakur - CEO, NPST.
For more information, please visit - https://www.npstx.com/
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