India is growing, not only in infrastructure but also digitally. UPI (Unified Payments Interface), a revolutionary technology developed by NPCI (National Payments Corporation of India), has contributed significantly to the journey of digitalisation in India in the past couple of years. UPI makes money transfer just like a snap of fingers.
However, UPI has its own drawbacks if not used carefully while making payments and not utilised fraud protection measures. Money transfer using UPI is so simple; it also makes it easy to make a mistake and send it to the wrong UPI ID or person. So, how would you respond if this happens? You might ask a friend or family member to refund money that you unintentionally sent them. If the amount is sent to a stranger’s UPI ID, it would be hard to recover the mistakenly sent amount.
Measure To Use When Money Sent To Wrong UPI ID
Here’s what you should do to try and recover your money:
Act Immediately: Acting quickly is crucial when dealing with funds mistakenly sent to the wrong UPI address. Contact your bank or payment service provider immediately to initiate the recovery procedure. The more time passes, the more likely it is that the recipient will transfer or withdraw the money.
Contact the Recipient: If you know the recipient, contact them and politely request a refund, providing all transaction details.
Report to UPI App: Customer Support Notify the customer support team of your UPI app about the incorrect transaction, providing detailed information and evidence to facilitate the refund process. The majority of UPI payment apps provide chat or customer support lines for reporting fraudulent transactions. You will need to provide your UPI ID, transaction ID, amount, date, time, and a reason for the refund.
File a Complaint with NPCI: If the issue is not resolved through the app’s support, escalate by filing a complaint with the NPCI, which manages UPI transactions and offers a grievance redressal system. Visit the NPCI’s official website or contact their customer support, providing all required details and adhering to their instructions.
Contact Your Bank: Inform your bank about the mistaken transaction as soon as possible. Provide them with all the necessary details, and they can help initiate a chargeback to recover the funds.
Escalate to the Banking Ombudsman: If you’re not satisfied with the responses from your bank or the UPI app’s support team, consider escalating the issue to the Banking Ombudsman, who can mediate between you and the involved parties.
Consider Legal Action: If a significant amount of money is involved and you suspect fraud, consider lodging a complaint with the police, providing all relevant details and evidence to help launch a formal investigation. If other options fail and the total amount involved is major, you may consider taking legal action. Legal professionals can help you navigate the legal procedure and represent your interests in recovering the money.
Bottom Line
Report the problem as soon as possible, offer all required supporting paperwork, and be persistent throughout the recovery process to improve your chances of getting the money back. According to the RBI, it is possible to successfully reverse an incorrect UPI transaction within 24 to 48 hours. For future reference, maintain accurate records of all contacts and transactions.
Disclaimer: The information is covered based on the latest research and development available. However, it may not fully reflect all the current aspects of the subject matter. Moneydaily.in advises readers to visit the NPCI’s website for further information.
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