The usage of the Unified Payments Interface (UPI) to transfer money has become prevalent due to the growth of digital transactions. Our lives are made much easier by UPI transactions that are quick, effective, and simple to use. The convenience of transactions is accompanied by a danger of slippage, which might result in money being delivered to the incorrect UPI ID.
UPI
This is especially prevalent in light of the fact that in FY 2022–2023 UPI accounted for 75% of all retail segment transaction volume. What should you do if this situation arises? Do not become alarmed if you have ever unintentionally transmitted money to the incorrect UPI ID. You may fix this problem in a number of ways and get your money back.
UPI ID
People may panic once they realize they transferred money to the incorrect UPI ID. However, verifying the transaction’s specifics twice is always the first step. Verify that the transfer was indeed made using the incorrect UPI ID. In such situations, it is important to maintain composure and follow the instructions to recover the money. Here are some quick ways for recovering money that was sent to the incorrect UPI ID.
Call the incorrect ID
Make contact with the recipient of the incorrect transaction as your initial action. However, if you don’t know their contact information, this may be difficult. In certain circumstances, UPI may try to send a modest amount—as little as Re 1—to the unintended recipient along with a note informing them of their error and asking for a refund. Keep in mind that the beneficiary who receives the money by error has a lot of discretion in this situation.
File a grievance with your bank.
It’s crucial to complain to your bank in addition to your payment platform’s customer support team. Give them the necessary information and let them know about the mistaken transaction. According to the Reserve Bank of India’s instructions, you have two days from the time you file an incorrect payment complaint to get your money returned. But it’s crucial to let your bank know as soon as possible about the mistaken transaction. Your chances of getting your money returned increase with the speed at which you register a complaint.
Reach out to the Platform
Get in touch with the customer service department of the payment system you use, such as Google Pay, PhonePe, or Paytm. Give full disclosure of all transactional information and file a complaint. The Reserve Bank of India (RBI) has advised this move in addition to stating that it is required. Your chances of getting your money back significantly rise if you file a complaint as soon as possible, ideally within three working days following the transaction.
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