The ease of using digital payment modes is unmatched, however it has some drawbacks. One big drawback of digital payments is double debit.
Here is a situation which you must have encountered at some point in your life:In a shop –
Customer: How much is the bill amount?
Shopkeeper: It is Rs. 493.
Customer: Can I pay by UPI?
Shopkeeper: Sure, go ahead. Please scan the QR code for payment.
Customer: *scans the QR code, enters the amount and makes the payment*
Customer: *mutters to himself incomprehensibly* Why is the payment still processing?? I should have paid by cash; now I am stuck…..
Customer: The money just got debited from my account, did you receive the payment?
Shopkeeper: No I have not received any payment yet
Customer: Now what do I do, the bank has not refunded my money yet and I need to pay the shopkeeper, my loss will be doubled. How long can I wait here for the refund, I had promised my family I would take them out for snacks……..
For those of you who use digital payments regularly, you must have faced the above situation at some point. Double debit is a fairly common problem in the Indian digital payment ecosystem. Due to network unreliability, the customer’s payment gets debited but the merchant does not get any amount credited. This scenario adds the additional inconvenience of chasing the bank officials for the refund along with the loss of confidence and trust in digital payments.
How Innoviti has solved the issue of double debit?
The technology team at Innoviti is always on the lookout for problems in digital payments and building technological solutions to further elevate the digital payment experience for every Indian.
Innoviti’s stellar technology team has provided a technological solution for double debit and has been awarded a patent for this feat. Innoviti has surpassed one more hurdle in building a secure electronic payment platform.
The patent addresses the unreliability of mobile networks. Most mobile and web consumer applications send data over TCP/IP networks. TCP/IP is the most common network protocol that was designed in the 1970s. It was primarily designed for wired networks prevalent at that time. Most modern applications however work on wireless networks, which behave somewhat differently. These applications however use TCP/IP at network level leading to some unusual situations that are the primary cause of this unreliability. Innoviti’s patent aims to address these situations through a novel application layer technology that rides on the same network layer.
“These patents are also a great recognition of the exceptional talent that exists in Innoviti. Our patents are a demonstration of the sophisticated technology required to deliver such exceptional experiences. These not only help us protect our customers against claims by other parties but are also a mechanism for us to deter replication of our technology by competition. Through these patents, in our own small way, we hope to contribute to the “Make in India, For the World” mission. We have 26 more patents in the pipeline and over the next couple of years plan to increase this to a portfolio of 100+ patents”, said Rajeev Agrawal, CEO, Innoviti.
Comment below and let us know of the time you encountered the doubt debit issue and how you dealt with the situation.