Have you sent money to the wrong UPI address? So know how you can get it back!
PC: Business Today
In the fast-paced world of digital transactions, it is common to make mistakes like sending money to the wrong person or getting a stuck payment while using the Unified Payment Interface (UPI). This can happen for various reasons, including typing mistakes in the phone number or UPI ID or simply choosing the wrong chat contact.
In such cases or when a payment has gone into pending status, you can get your payment back by following these simple procedures.
In these situations, it is important to understand how to correct these mistakes.
Rectifying wrong money transfer
Reversing a UPI payment (be it with PhonePe, Google Pay, or Paytm) may seem daunting, given that the money is credited to the receiver's account faster. However, if you find yourself in this situation, follow these steps:
Contact your bank: Contact your bank directly and initiate an erroneous credit chargeback, providing them with the Unique Transaction Reference (UTR) number associated with the payment. If the wrong recipient has an account with the same bank, your bank can act on your behalf and request the money to be returned. In cases where the receiver's account is with another bank, your bank can assist by providing branch details. For further assistance, you will have to visit the branch and contact the manager.
Obtain the consent of the recipient: It is important to note that money can be returned only with the consent of the recipient. If they agree, the funds will be transferred back to your account within seven days. If the recipient does not respond to your request or the bank faces difficulties in receiving the amount, you can escalate the matter by filing a complaint on the National Payments Corporation of India (NPCI) portal.
Escalate the issue: If the issue remains unresolved after following the above steps, you have the option to take the matter to the Banking Ombudsman, but only after 30 days.
Handling payments stuck in pending status
A different dilemma arises when the payment is stuck in pending status. Here's how to navigate this scenario (as shared by PhonePe):
Be patient: In this case, your money is safe, and you will get it back eventually.
Report a problem: Use the app or your respective UPI platform to report a problem. This helps in tracking the process.
Last Update from Bank: Please allow 48 hours for your bank to provide the last status of payment. If the payment from your side is successful, the recipient will receive the funds.
Failed Payment: If the payment actually fails, rest assured that the amount will be refunded to your account within 3-5 business days from the payment date.
Bank Complaint: For quick resolution, contact your bank and lodge a complaint making sure to include the UTR number of the transaction.
Escalate through UPI provider: If the issue persists beyond the prescribed time limit, escalate the matter through your UPI app providers, such as PhonePe, Google Pay, or Paytm, to initiate appropriate action on the transaction. To report issues or seek assistance, visit the Help section of the UPI app or contact their support channels for guidance.