UPI: Digital payments have really simplified things for us. Nowadays, a lot of folks are using UPI apps like Paytm, Google Pay, and PhonePe. But sometimes, in a rush or due to a tiny error, money can accidentally go to the wrong account. The big question is, can we get that money back? And if yes, how do we do it?
Wrong transaction issue
UPI transactions are super quick. Once you make a payment, it’s tough to halt it. But don’t worry, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have set up guidelines and processes to help customers retrieve their funds.
Step-by-Step Guide
1. File a complaint on the app right away – If you mistakenly sent money to the wrong account, head to the UPI app (Paytm, Google Pay, PhonePe) and file a complaint in the ‘Help’ or ‘Support’ section.
2. Reach out to your bank – Grab the transaction reference number and get in touch with your bank’s customer service. They will liaise with the receiving bank via NPCI.
3. Report to NPCI – If your bank doesn’t provide a solution, you can file a complaint on the NPCI website.
4. Ombudsman Help – You can also escalate the issue to the Banking Ombudsman of the RBI. This should be your last option, where they try to help you get justice.
Will the money always be returned?
It really depends on whether the person who received the money is willing to send it back. If they agree, the bank will handle the process and refund your account. But if they refuse, things might get complicated and could lead to legal action.
Necessary precautions
– Always double-check the account number and UPI ID before hitting send.
– When scanning a QR code, ensure it’s for the right merchant or individual.
– If you’re transferring a large sum, consider doing a test transaction first.