Sent Money to Wrong UPI Address? Here’s How to Resolve
In case you’ve processed an inaccurate payment, you have the option to submit a complaint regarding it through the official website of the National Payments Corporation of India (NPCI). Additionally, it’s advisable to promptly raise a complaint with your bank regarding any incorrect UPI transaction.
With the widespread integration of digital transactions, the utilization of Unified Payments Interface (UPI) has become the standard practice. This new norm offers a swift, effective, and user-friendly method for fund transfers, significantly streamlining our daily routines. Nonetheless, while enjoying the convenience of these transactions, there also exists the potential for an inadvertent error, which can lead to funds being directed to an unintended recipient due to a simple slip of the finger.
This happens a lot, especially because UPI made up 75 percent of all the transactions by regular people in the financial year 2022-23.
The Solution:
Finding The Mistake:
Realizing that you’ve sent money to the wrong UPI address can make you feel anxious. But the first thing to do is to carefully look at the transaction details. Make sure the money was actually sent to the wrong UPI ID. If it was, stay calm and follow the steps to get the money back.
Contact Unintended Recipient:
The initial step is to reach out to the person who got the money by mistake. Yet, this might be hard if you don’t know their contact info. In such situations, UPI can attempt to send a small amount, even just Rs 1, every day to the unintended receiver. Attach a message explaining the error and asking for the money back. Remember, this approach’s success relies on the recipient’s willingness to help.
Keep Your Transaction Messages Safe
It’s really important to save all your transaction messages on your phone. These messages, along with the PPBL number, are crucial when you need to file a complaint. If you send money wrongly, you can report it on the National Payments Corporation of India (NPCI) website. NPCI, set up by the Reserve Bank of India, handles UPI services.
Make Sure to File a Complaint With Your Bank
Apart from getting in touch with your payment platform’s customer service, remember to file a complaint with your bank as well. Let them know about the mistake and give them the necessary details. Following the Reserve Bank of India’s rules, you can usually get back your lost money within two days of reporting the incorrect transaction. But it’s crucial to let your bank know about it ASAP. The quicker you report the issue, the better chance you have of getting your money back.
Actions to Be Taken Following an Incorrect Upi Payment:
- Dial the complaint number 18001201740 if the wrong payment was made through UPI or internet banking.
- Complete a form with all the required details and submit a complaint to your bank.
- If the bank doesn’t resolve the issue within the specified time, you can escalate the matter to the Ombudsman of the Reserve Bank of India through their website.
- Contact the customer care of the payment platform you used (e.g., Google Pay, PhonePe, or Paytm). Share all your transaction details and file a complaint. The Reserve Bank of India (RBI) recommends taking this step promptly, preferably within three working days of the transaction, as it significantly increases the likelihood of recovering your money.
Lastly, keep in mind that these processes do require some time. Waiting can be frustrating, but following these steps increases your chances of getting your money back. Before every transaction, make sure to recheck your details and stay watchful. While the digital world is convenient, it also presents challenges. Prioritize your safety and happy transacting!
