For example, it is most effective in the United States as a chargeback is almost a daily process made by every consumer. It is basically a consumer protection mechanism recognized by law, and its effectiveness will be determined by the scope of these laws. The payment provider (for example, the bank) refunds the money and resolves the problem with the service provider. For example, if the goods you received are faulty, you can claim a chargeback and get your money back. Basically, after making a payment, you can take it back by claiming that the service provider “tricked” you.
A chargeback is a general term, which means the return of the funds to a customer.
