UPI ID: Your first step should be to contact the beneficiary of the erroneous transaction. However, this can be challenging if you do not have their contact details. In such cases UPI may attempt to transfer an amount as small as Re 1 to the unintended recipient with a note explaining the mistake and requesting a refund.
UPI Payment: With the widespread adoption of digital transactions, the use of Unified Payments Interface (UPI) to transfer funds has become commonplace. Quick, efficient and easy-to-use UPI transactions make our lives a lot simpler. However, along with the ease of transactions, comes the risk of slippage, which can lead to money being sent to a wrong UPI ID.
UPI
This is especially common considering the fact that UPI accounted for 75 per cent of the total retail segment transaction volume in FY 2022-23. What can be done if you find yourself in this dilemma? If you have ever transferred money to a wrong UPI ID by mistake, do not panic. There are several ways to rectify this situation and get your money back.
UPI ID
On knowing that you have transferred money to the wrong UPI ID, there can be panic among people. However the first step is always to double check the details of the transaction. Confirm whether the transfer is indeed done on the wrong UPI ID. In such cases it is necessary to keep calm and follow the steps to get the money back. Here are some simple steps to get back your money sent to the wrong UPI ID:
Contact the wrong ID
Your first step should be to contact the beneficiary of the wrong transaction. However, this can be challenging if you do not have their contact details. In such cases UPI may attempt to transfer an amount as small as Re 1 to the unintended recipient with a note explaining the mistake and requesting a refund. Keep in mind that in this case a lot depends on the discretion of the beneficiary who gets the money by mistake.
KEEP YOUR TRANSACTION MESSAGES
It is extremely important that you save all your transaction messages on your phone. Transaction details including PPBL number play an important role when you are registering a complaint. If you have made any wrong payment, then you can lodge a complaint on the website of National Payments Corporation of India (NPCI). NPCI established through Reserve Bank of India is the organization responsible for providing UPI services.
Lodge a complaint with your bank
Apart from contacting the customer care of your payment platform, it is also important to lodge a complaint with your bank. Inform them about the erroneous transaction and provide relevant information. As per the guidelines issued by the Reserve Bank of India, you can get your lost money back within two days of filing a wrong payment complaint. However, it is important to inform your bank about the erroneous transaction at the earliest. The sooner you file a complaint, the more likely you are to get your money back.
Steps to be taken after erroneous UPI payment
If erroneous payment has been made through UPI or Internet Banking, the first step is to dial the complaint number 18001201740. Thereafter fill a form providing all the necessary details and lodge a complaint with your bank. If the bank fails to resolve the issue within the stipulated time, you may escalate the issue to the Ombudsman of the Reserve Bank of India through their website.
Contact the Platform
Contact the customer care of the payment platform used by you, such as Google Pay, PhonePe, or Paytm. Share all the details of your transactions and lodge a complaint. This action is not only necessary but also recommended by the Reserve Bank of India (RBI). Filing a complaint promptly within three working days of your transaction can greatly increase your chances of getting your money back.
Digital Payments
Finally remember that processes take time. Waiting can be excruciating, but with these steps you are more likely to get your money back. Always double check your details before transacting and be cautious. The digital world is convenient, but it comes with its own challenges. Stay safe and happy transacting.
