I am using Paytm from past 2 years.I used to have failed transactions during payment. I thought( my mistake) , like all other shopping sites, paytm will also do refund after 2-3 days, but I never used to monitored it. But when I started monitoring it, I found that no money is neither refunded to my bank account nor to paytm wallet. Also, I raised a query in their site regarding this, Below is the reply I got;
We checked your transaction and would like to confirm that Paytm has not received the amount. In such cases where money is debited from your bank account/card but does not reach.