If you had selected Cash on Delivery, there is no amount to be refunded because you haven't paid for your order. For payments made via Credit Card, Debit Card, Net Banking, or Wallet you will receive refund into the source account within 7-10 days from the time of order cancellation. If payment was made by redeeming PhonePe wallet balance then, then refund will be instant post order cancellation, which can be later transferred into your bank account, by contacting PhonePe customer support team.