SYSTEM AND METHOD FOR REFUNDING PAYMENTS MADE TOWARDS PURCHASED PRODUCTS AND SERVICES

摘要

Exemplary embodiments of the present disclosure are directed towards a system and method for refunding online payments and offline payments made towards purchased products and services. The method includes, assigning an authentication card to a user registered with a refunding entity to create a personalized user account, updating the personalized user account with one or more payment credentials corresponding to one or more purchases made with one or more online merchants and one or more offline merchants authorized by the refunding entity and refunding a predefined part of payment to the user by the refunding entity for the purchases made with the one or more online merchants and the one or more offline merchants after a predetermined period of time.