Online business has increased rapidly in India, due to which many international websites are also supplying products in India. You can do online shopping through debit, credit card, UPI and other means. During online payment, many times it happens that the transaction fails and money is deducted from the account. There can be many reasons behind this.
What are the reasons why transactions may fail
The Reserve Bank of India (RBI) had issued some instructions for international payment websites and auto debit rules using debit and credit cards during October 2021. According to this, if the international website is not as per RBI rules then it cannot accept payment from Indian debit or credit card. In such a situation, this could be a reason why your transaction fails.
Apart from this, there are some limitations and restrictions on many international websites. In such a situation, payment from Indian card may be blocked. At the same time, payment may be stopped due to OTP problem, network or other issue. To protect customers from fraud, the bank does not allow all transactions, if there is suspicious activity the bank can stop the transaction.
How to get the amount back after it is deducted from the account
When the transaction fails while making an international payment, but the money is deducted from the bank account, then you do not need to worry. Usually, banks automatically refund the money in the account after some time.
A fine of Rs 100 will be imposed on the bank
According to the Reserve Bank, money is sent to people’s accounts during five working days. If the bank does not send the money within five days, then a penalty of Rs 100 will have to be deposited in the customer’s account every day.
If the international website fails to process payment from Indian debit or credit card, then alternative arrangements will have to be made. Alternative arrangements include direct international bank transfers to the merchant using the SWIFT service or using apps like Skrill.
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