Mistakes happen sometimes, and people end up transferring money to the wrong UPI IDs. The instant question that comes to your mind is ‘Then what should I do?’
The Unified Payments Interface (UPI) has revolutionised digital payments with seamless money transfers using QR scans or UPI transaction ID checks. Digital payments have become very popular in the country these days. You can transfer money in a blink of an eye just by scanning a QR code.
But sometimes people end up transferring money to the wrong UPI IDs. And if it happens to you, let's find out how you can get your money back.
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Securely Transfer With UPI
The Unified Payments Interface (UPI) completely changed money transaction habits. In a moment, your money will be securely transferred. However, sometimes people mistakenly transfer money into someone else's account. And the worry started about getting the money back.
You can call up your bank's service call centre and register a complaint. Apart from this, you can also file a UPI transaction complaint on NPCI's online portal.
Read more: How To Withdraw Money From ATM Using UPI
Reasons For Failed UPI Transactions
There can be multiple reasons for a UPI payment failure. Let us look at the scenarios:-
Incorrect Pin
Entering an incorrect UPI Personal Identification Number (PIN) is one of the most common causes of UPI transaction failure. The UPI PIN is necessary for transaction authentication and authorization, and if it is entered incorrectly several times, the transaction will fail.
Daily UPI Limit Exceeded
The user’s bank often sets a daily payment limit for UPI transactions. The transaction will fail if the transaction amount exceeds this limit.
Incorrect Details of the Receiver
UPI depends on accurate data, such as the receiver’s UPI ID or mobile number associated with their UPI account. The transaction will not be delivered to the intended recipient if any of these details are inaccurate.
Insufficient Bank Balance
UPI transactions require funds to be present in the sender’s account to carry out the transfer. The transaction will fail owing to insufficient funds if the account balance is less than the transaction amount.
Technical Glitches/Network Issues
Technical errors or network connectivity issues may cause UPI transactions to fail. This can happen on the user’s device, the UPI platform, or the bank’s servers.
Transaction Timeout
Certain UPI transactions have a time limit in which they have to be completed. If this time limit is exceeded, the transaction may fail due to a timeout.
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Steps You Should Take In Case Of Wrong UPI Transactions
Here is what you need to do in case you notice an incorrect transaction via UPI. You can get an answer to how to complain about a UPI transaction or how to get a refund for a UPI transaction by following the steps given below:
1. Cheque the Transaction Details
Before proceeding, double-check the details of the transaction:
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Check the date, time and amount of the transaction ID.
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The next step is to go to the “Transaction History” section within the UPI app and find your transaction record and check whether you intended to send money to the wrong recipient.
2. Contact the Recipient
If possible, reach out to the person who received the funds:
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There are usually phone numbers and email addresses in transaction details; if not, you can contact your bank to help get in touch with them.
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Politely explain if possible they take back the amount.
3. Submit the Complaint to UPI App Customer Care
Reach out to the customer support team of your UPI app:
4. Notify Your Bank
If customer support isn’t helpful, contact your bank directly:
5. Raise a Complaint with NPCI
If neither your bank nor UPI service provider resolves the issue, escalate it to the National Payments Corporation of India (NPCI):
- The portal can be either directly accessed by visiting NPCI’s official website or through the NPCI grievance redressal portal.
- All the particulars of the transaction and all documents evidencing the previous attempts to solve the problem.
6. Lodge a Dispute Management Procedure
Some UPI apps offer a dispute resolution process within the app:
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In the “Support” or the “Help” section of the website, there is always a tab that indicates the user can dispute a charge.
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You need to enter the transaction ID and other information to file your complaint.
Also Read: RBI Increases UPI Transaction Limit For Tax Payments To Rs 5 Lakhs
Track Your Complaint Status
Even when you have reported a wrong transaction, keep track of the status of the complaint to ensure they address it. This can however be hastened by follow-ups at certain intervals.
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Make sure you jot down the reference number of the complaint you made.
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Subsequently, update your bank or a UPI provider, consistently.
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Watch out for updates on your issue through your email or the respective portals.
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Challenges In Reversing UPI Transactions
Unified payment interface (UPI) has enhanced mobile money as a means of payment in the country. Now usually, people use it to shop for their groceries and pay their bills online. However, the few concerns that UPI users have complained of is how to reverse a wrong transaction.
Once you have sent money to the wrong number, the process of getting it back is not easy at all, particularly if you have to deal with a recalcitrant recipient. It is such a practice to move fast, so, in this case, you should contact your bank immediately. This is the reason why one should be very careful when trying to make transactions using a unified payment interface.
Common Issues:
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Accidental transactions include situations where you enter the wrong digit in the recipient’s phone number and end up releasing your cash to the wrong person.
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If there is a wrong transaction that occurs, you must call on the recipient to cancel the transaction.
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In the event the recipient does not make a reciprocation the process of getting your money back becomes complicated and might result in fraud or scams.
Also read: Lost Money In The World Of UPI Transaction? Here Is How You Can Get It Back
Tips To Prevent Incorrect Money Transfers
You can avoid incorrect money transfers by following some precautions in keeping the following things in mind:
To prevent involvement in incorrect money transfers, avoid getting engaged with UPI fraud. The bank will never approach you to discuss any sensitive information. Never share your PAN and any other sensitive information.
- Note the SPAM Warnings on your UPI App
Receiving a request from any unknown account provides a spam warning from UPI apps such as PhonePe and Google Pay. Thus, make sure to note such warnings and to report.
- Be Cautious During Accepting/Requesting Requests
Every UPI app such as Google Pay, and PhonePe has a 'request money' feature. Buyers wishing to purchase any product through advertisement on online platforms engage with the seller on call. They end up transferring money through the "request money" option in the UPI app. Thus, a simple click can lead to the transfer of money carelessly.
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Conclusion
To conclude, alertness while making UPI transfers and promptly informing banks of accidental wrong remittances can save many headaches. This will later help you get your refund.
Also, don't forget to maintain a transaction record. It will help provide all details easily while registering complaints, either with your bank or via NPCI.
Readers can contact the NPCI 18001201740 on this number, or visit their official website here and register their grievance.
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