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Wrong UPI Transaction: Made a mistake while paying via UPI? Here’s how to get the full amount back in a jiffy..
In today's digital age, payment apps like PhonePe, Google Pay, and Paytm have become an integral part of our lives. Whether you are grabbing a cup of tea at a local stall or shopping at a mall, you likely make payments via UPI. But have you ever wondered what happens if you accidentally send a payment to the wrong UPI ID? Will your money be lost, or can it be recovered? Let’s explore this in detail.
Is the money lost forever?
Not at all. If you make a payment to the wrong UPI ID, your money is not necessarily lost. However, since a payment made by entering your UPI PIN is considered a transaction authorized by you, the bank cannot automatically reverse it. That said, if you take the right steps promptly, the chances of recovering your money increase significantly.
What to do first:
Start by checking the app (PhonePe, Google Pay, Paytm, BHIM, etc.) used for the transaction to see if it has been completed or is showing as 'pending' or 'processing.' If the transaction eventually fails, the money will be credited back to your account. However, if the payment was successful, follow these steps:
1. Lodge a complaint with the app and the bank: Go to the 'Help & Support,' 'Raise Dispute,' or 'Complaint' section of the UPI app used for the payment and register a complaint regarding the transaction.
2. Contact the bank: Immediately call your bank's customer care or visit your home branch. Provide the bank with the UPI Transaction ID, date, time, and a screenshot of the payment. The bank will then contact the recipient's bank to request a refund.
3. Register a complaint on the NPCI portal: If you do not receive immediate resolution from the UPI app or the bank, visit the official website of the National Payments Corporation of India (NPCI) at npci.org.in. You can register your complaint there under the 'Dispute Redressal Mechanism' section.
4. Seek help from the RBI Ombudsman: If your issue is not resolved within 30 days, you can file a complaint under the Reserve Bank of India's (RBI) Integrated Ombudsman Scheme.
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