Unified Payments Interface or UPI is a convenient way to digitally transfer funds. However, if by mistake one transfers fund to the wrong UPI address, it could lead to financial losses. Here’s what one can do to redirect the money back into his/her account in such a scenario
Unified Payments Interface (UPI) has revolutionised the way Indians transact and transfer funds. However, at times, one may erroneously transfer money to a wrong UPI address. The fact that UPI is an instantaneous money transfer mechanism would only add to the stress.
However, one can retrieve the money by acting instantaneously.
Here are the reasons why such errors typically occur and a step-wise guide as to what one should do to retrieve the funds.
How Can It Happen?
Typing Errors: A small typo in entering the UPI address could lead to the money getting credited into another bank account.
Similar UPI Addresses: Most of the UPI addresses are based on common names, making chances of mistyping very common.
QR Scanning Error: This could lead to amount getting deducted from your account but not getting credited to the recipient’s UPI address.
Technical Glitches: At times, there could be technical glitches arising out of network connectivity, which could lead to transaction error. The funds might be deducted from your account but not credited into the recipient’s account.
What To Do If You Encounter This
Typically, in case of technical glitches, or QR scanning errors, the money will be redirected into your account within a short period.
However, in case the amount doesn’t get credited into your account or in the event the money has been erroneously transferred to another’s account, here are the following steps you can undertake.
Immediate Steps: As a first, contact your bank or the payment service provider (PSP). The sooner you act, greater are the chances of the money being retrieved.
Contact The Recipient: Typically, as most UPI IDs are linked to a phone number, you could reach out to the recipient and ask for a refund. You may share your transaction details in order to facilitate checking on the mistake and cooperation.
Contact UPI Customer Support: In case you fail to reach out to the recipient, get in touch with the UPI customer care service and provide them with the details.
Inform NPCI: In case no resolution comes using the support of the UPI App, reach out to the National Payments Corporation of India (NPCI). Log in to the NPCI website, fill all the necessary details, including your bank details, UPI ID, email and phone number. Also attach valid proof, such as your bank statement along the complaint. Typically, the NPCI will resolve the issue within 30 days.
Banking Ombudsman: If the issue remains unresolved, you can raise a complaint with the banking ombudsman. The ombudsman mediates between the disputes of customers and banks and will help you to get your money back.
File A Police Complaint: In cases of huge amounts or if no resolution happens, you may approach the police and file a formal complaint. Ensure that you attach all proofs of the transaction in your complaint with the police.
Consult A Lawyer: You may even consult a lawyer to help you lodge a case as a last resort if all your efforts go in vain. The lawyer will help you about the whole procedure of getting back your money.
The efforts to recover your money can prove to be tedious. So, always double check the details of UPI before making the payment to save yourself from hassle of the recovery process. Storing the details of the recipients to whom you frequently transfer money in the UPI app and the transaction confirmation feature also limit from making mistakes to a great extent.