A chargeback is the potential outcome of a disputed credit or debit card transaction. If the cardholder’s bank accepts the dispute, they will first reverse the transaction. Then, take the funds back from the merchant. Finally, returning them to the cardholder.
When a cardholder disputes a charge, the issuing bank will review the transaction and decide if the dispute is valid. If they believe that it is, they will work with the card network and the acquiring bank to finalise a chargeback to cardholders.
There are some data from a 2018 survey by Javelin Research that shows that nearly half of all customers have disputed a charge, and a majority of those have disputed more than one.
WeChat Pay and Alipay are wallet-based payment services, this will prevent chargeback fraud.
For example, when making a payment by using WeChat Pay or Alipay, the customer needs to have enough money in their App account to make that payment. Then after successfully making the payment from customers, both WeChat Pay and Alipay have no right to take the fund back from the merchants’ GlobePay accounts.
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