Worldpay brings faster refunds capability to UK shoppers using Mastercard and Visa cards for online purchases

Worldpay is laying claim to a first of its kind service that delivers near instant refunds, depending on the receiving financial institution.

This is available to the vast majority of UK shoppers using Mastercard and Visa cards when making purchases at participating retailers, including HMV. Consumers who make an eligible return can now receive near instant refunds when returning goods for online purchases.

“UK consumers can pay for goods and services instantly, however, refunds have not kept pace with that level of immediacy,” says Alan Marquard, Head of Transfer Solutions at Mastercard.

“Leveraging Mastercard Move’s money movement capabilities, we are supporting Worldpay to increase the speed of refunds to some of the UK’s most well known brands, giving shoppers greater peace of mind and helping retailers offer a first rate service.”

“As leaders in card issuance, it is our responsibility to work across the entire ecosystem to drive innovation and change, which is why we’re excited to be working with Worldpay to improve on refunds for consumers,” says Anastasia Serikova, VP Revenue & Growth, Visa Direct EU.

“Consumers want their money to move faster - whether that’s when sending or receiving funds - together we’re delivering a positive change in how refunds are done.”

“Studies show that up to 30% of all e-commerce purchases end in a return or exchange. Offering a faster refund experience means merchants can create better customer interactions. For example, it could potentially reduce calls to customer service to track funds,” says John McNaught, Head of Payouts at Worldpay.

“Put plainly, refunds are a headache for consumers and merchants alike. Worldpay is taking the pain out of the process by making refunds nearly instant.”

In addition to the UK, the service will be rolling out to merchants across the European Union in 2025 for both online and PoS transactions.

2024 RTIH INNOVATION AWARDS

Payments was a key focus area for the sixth edition of the RTIH Innovation Awards.

The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended last week’s gathering.