Absolutely!
And I’ve had companies offer me a discount on product, rather than a full refund or replacement. I always refuse and state how disappointed I am. They pretty much always follow up with a full refund or new product.
Hell, I even ordered an indoor spin bike, complained that it used non-standard crank arms, and they refunded me $100 to replace the crank arms and pedals! Just for stating that I was unhappy with one aspect of an otherwise great purchase.
It gives businesses a very easy to way to set up monthly payments, one-time donations, accept forms of payments other than e-transfer (which many people don’t want to use), allows for international purchases without being penalized, and more.
Other options are available, but they are neither easy/cheap/convenient for the business or any better for the customer.