New Delhi, Aug. 26 -- A chargeback is a consumer protection mechanism that permits credit cardholders in the country to reverse a transaction when something goes wrong or is not as planned while making purchases.

This mechanism permits customers to dispute a credit card charge and request a refund through their credit card issuer, ensuring a protective layer, i.e., safeguard against financial fraud, mistakes, errors, or unsatisfactory transactions.

When a credit card holder files a chargeback, the issuing financial institution investigates the claim and temporarily credits the disputed amount back to the cardholder's account. The primary banking institution then reaches out to the merchant to review the transaction details.

Upon review...