While the concept of making payments with just a click sounds great, it also comes with a few issues such as transferring money to a wrong account or failed transactions. Let’s dig deep into these issues and solutions that one can offer.
1. Amount debited twice
The ease of using the digital mode of payments is incomparable. It is easier and faster, and the popularity of digital payments continues to increase. However, there are some pitfalls, one being double debit i.e. amount debited twice for the same transaction. Many a time, while making digital payments, you encounter a failed transaction, so you make the transaction again but when you check, the amount is debited twice from the account.
There is only one solution to this problem i.e. bank must make a quick refund of the second transaction. Though the practice is being followed sometimes the customer needs to keep poking the customer care for the refund. Improvements in terms of guidelines and swifter actions are already seen but more tangible improvement will help gain more customer trust.
You or someone around you must have faced this problem at least once while making digital payments. You or the merchant dips the card multiple times into a reader in an ATM or EMV point of sale (POS) terminal, but authorisation doesn’t happen. It might be because those chips on debit or credit cards stop working due to wear and tear. In such a situation, card swipe can be used instead of card dip. Chip bypass is another way to tackle the problem.
3. Credit/Debit Cards not accepted
This is the most annoying issue for a customer. There are some debit or credit cards that are accepted only at a few swipe terminals. Sometimes, a customer is not aware that his/her card is not accepted at all terminals which might land him/her in a challenging situation, considering the high dependency of people on digital payments nowadays. This calls for the urgent attention and action of acquirers who need to enable acceptance on their terminals.
The acquiring bank is the financial institution that maintains the merchant’s bank account. The contract with the acquirer enables merchants to process credit and debit card transactions. The acquiring bank passes the merchant’s transactions to the applicable issuing banks to receive payment.
4.
While making an EMI transaction, you might face a situation whereby the transaction is successful i.e. the amount gets debited but the same doesn’t get converted into an EMI. Well, there is nothing to panic. All you need to do is call your issuer and get the transaction converted to EMI.
