If you haven't yet received a refund for a failed transaction on Paytm, here is what you should know about the process and waiting period:

Instant Reversal vs. Settlement Reversal:

When a transaction fails, the money often gets blocked temporarily by your bank.

• Instant Reversal: In many cases, the money is unblocked and made available in your account instantly.

• Settlement Reversal: If instant reversal doesn't happen, Paytm sends a confirmation of failure to the bank, initiating a settlement reversal.

Standard Waiting Period:

The standard timeframe for banks to process a refund after receiving the reversal confirmation is typically 3 to 7 working days (excluding weekends and bank holidays). This period is determined by the bank, not Paytm.

Credit Card Transactions:

Refunds to Credit Cards can sometimes take longer, often up to 7 to 15 working days, as the amount has to be processed through the credit card issuer's billing cycle.

What to Do:

• Wait for the maximum prescribed period (7 working days for most cases).

If the refund is still not credited after the waiting period, contact Paytm Customer Support with the failed transaction ID and a statement showing the debit from your bank. They can provide an UTR (Unique Transaction Reference) or a RRN (Retrieval Reference Number).

Use the UTR/RRN to raise a chargeback or escalation with your bank, as this number confirms the refund was initiated from Paytm's end.

Key Takeaway:

The delay is almost always on the bank's side in processing the reversal, not with Paytm initiating the refund.