Valve has updated its refund policy with a handful of stipulations that make it much more user-friendly. Most notably, it does away with the restriction that users couldn't request a refund once a download had completed.
The new policy is comprised of two key clauses. First, buyers now have up to 14 days to decide whether or not buyer's remorse will ultimately win out. Optionally, you'll only be able to play a game for up to two hours before crossing the non-refundable threshold. You'll get a refund for any reason, period, and the refund extends to DLC, bundles and pre-orders.
In-game purchases of Valve-developed games can be refunded within 48 hours of purchase so long as the in-game item hasn't been used, modified or transferred.
Two hours isn't really a ton of time. As Kotaku points out, two hours in a game like The Witcher 3 or Grand Theft Auto V barely scratches the surface. But invest those two hours in a title like Gone Home, Proteus, Portal or Metal Gear Solid V and you can come close to completing the entire game.
Being able to play a game most of the way through then getting a refund would be a serious concern for developers. Such is especially the case among smaller, shorter games from indie developers.
Fortunately, Valve has said they'll keep an eye on things to try and catch those looking to game the system but even doing it once or twice a year would hurt the community (and probably wouldn't raise suspicion).
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