How to Recover Money Sent to the Wrong UPI Account?

UPI (Unified Payment Interface) has simplified digital money exchange. With modern technology, there is a lot of emphasis on online wallets. After the pandemic, people are habitual in using UPI and as a result, there has been a huge increase in electronic transfers. Thanks to e-wallets, Net banking, UPI, Paytm, Paypal, the BHIM application, and other technologies, money transfers are now easier than ever.

How to Recover Money Sent to the Wrong UPI Account

Even as the nation’s digital payment infrastructure improves, customers are still at risk of being scammed out of their funds or unwittingly sending the wrong person. There have been numerous reports of consumers paying the wrong people after inputting the incorrect UPI ID and claiming harm as a result of their error. However, there are steps available to undo the transaction if the transfer was made to the incorrect wrong UPI account

Here are steps to recover money sent to the Wrong UPI Account

  • The aggrieved person should first make a complaint about the payment scheme utilized, according to RBI guidelines. If a user has used UPI systems such as Google Pay, PhonePe, or Paytm and made payments to the incorrect person, he or she should first notify the occurrence to customer care of the app and claim a refund.
  • The person who has been wronged can also make a complaint through the NPCI portal. Complainants can access an application portal under the section Compliant by accessing the website and clicking on the Dispute Redressal Mechanism button.
  • The complainant must include data such as the UPI tracking Number, digital payment address, money transferred, transaction time, email account, and registered mobile number.
  • In addition, the complainant will be required to attach a bank statement showing the amount taken from the bank for the activity.
  • The accuser should select the option Incorrectly transferred to another bank’ as the basis for the complaint with caution.
  • If the issue is not rectified, the complainant can raise the issue with the payment service provider (PSP) institution. If the problem is not resolved, the end-user client may contact the Banking Ombudsman and/or the Ombudsman for Electronic Issues.

What is the role of the RBI’s ombudsman for digital transactions?

The RBI defines an ombudsman for electronic transfers as a senior person designated by the RBI to address customer complaints regarding System Participants as specified in the Scheme for deficiencies in specific services covered by the causes of complaint outlined in Clause 8 of the Scheme.

Complainants can use this option if the payment service or PSP banks refuse to address an issue with money transfers via UPI, Bharat QR code, or other methods. They can cite reasons such as failing to credit monies to the beneficiary’s account or failing to repay the cash within an acceptable time frame.

Read More: Everything you need to know about the newly launched RBI’s Digital Rupees

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