UPI Transactions: After digitalization, using UPI has become easy for people. It has become a necessity in people’s daily lives. People are using UPI apps like Paytm, Google Pay, and PhonePe for this. Often, people transfer money to the wrong account in a hurry. In this situation, the first question that comes to mind is whether they will get their money back and what they need to do.
The problem of wrong UPI transactions
Sending money through UPI has become very easy and fast. However, once a payment is made, it’s not easy to stop it immediately. Despite this, the Reserve Bank of India and the National Payments Corporation of India have set some rules and procedures for customer protection. Through these procedures, customers can file a complaint about a wrong transaction and try to get their money back.
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What to do in case of a wrong transaction
If you have accidentally sent money to the wrong account, first, you should file a complaint in the help or support section of the same UPI app you used for the transaction. After that, contact your bank’s customer care with the transaction reference number. The bank will forward the matter to the receiver’s bank through NPCI. If a solution is not found at the bank level, a complaint can also be filed on the official website of NPCI. As a last resort, you can also seek help from the RBI’s Banking Ombudsman.
Is a refund guaranteed?
Getting your money back in a wrong transaction depends on whether the account holder who received the money agrees to return it. If the receiver cooperates, the bank will return the amount to your account through the prescribed process. But if they refuse, the matter may even reach legal proceedings.
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Measures to avoid mistakes in the future
Always carefully check the account number or UPI ID when making a payment via UPI. When scanning a QR code, ensure that it belongs to the correct person or merchant. Performing a small test transaction before sending a large amount is also a good practice.
Let’s understand with an example
Rahul, a resident of Mumbai, accidentally sent ₹5,000 to the wrong UPI ID. He immediately filed a complaint, and his money was returned within four days through NPCI. This example shows that the system is robust, but exercising caution is paramount.
According to financial experts, being vigilant while using UPI is the best security measure. Although the systems of the RBI and NPCI provide relief to customers, the primary responsibility lies with the user.