New Delhi, Sep 11 (IANS): Online marketplace Snapdeal on Friday launched its instant refund facility to help its customers get refunds within one hour of receiving the returned products, a company statement said here.

The instant refund will be completed using Immediate Payments System (IMPS) transfers.

"100 percent of customers using the Cash On Delivery facility will have access to IMPS 24/7 while bank holidays will have no impact on this service either," the statement said.

"We hope that customers never want a refund, but we respect that it is a crucial part of the customer return experience. Having said that, we are extremely proud to introduce the country's fastest instant refund facility, assuring our customers the most seamless refund experience," said Anand Chandrasekaran, chief product officer of Snapdeal.

"We have already noticed that close to 100 percent refunds take place within an hour and 85 percent within 30 minutes, making this a highly reliable refund service for our customers," he added.