How to get back wrong transferred money by UPI Wallet Payment

Last updated on March 9th, 2023 at 03:04 am

How we do make payments, has completely changed as a result of the Unified Payments Interface (UPI) and other digital payment systems like PayTM, PhonePe, Google Pay, BHIM App, etc. Even now people in rural are also using online payment even without an internet network so now we should be aware of how to get back wrong transferred money by UPI Wallet Payment.

Everyone in India now uses UPI, from small independent retailers to major retail conglomerates. By allowing a user to instantaneously scan a QR code and transfer the appropriate amount instantly to a bank account, they have largely eliminated the need to utilize cash.

Even though UPI is a secure payment mechanism, occasionally you could lose money as a result of careless mistakes on your part. One of the situations you might have encountered was mistakenly sending money to the wrong UPI ID’s bank account and now you want that money back.

The Reserve Bank of India claims that if the appropriate actions are taken, you can retrieve the money that was transferred, despite the fact that most individuals in these circumstances fear.

How to get back wrong transferred money by UPI Wallet Payment: A How-To Guide

The person who feels that money had been transferred to the wrong person/ number, must first complain to the relevant payment mechanism.

You can make a refund request through the customer service departments of companies like Paytm, Google Pay, and PhonePe.

If the payment service is unable to resolve the problem, get in touch with the RBI’s ombudsman for digital transactions.

Through the mobile app you used to complete the transaction, you can get in touch with the customer support departments of the payment apps or the banks directly.

Additionally, the software saves the transaction ID, which you can screenshot or write down elsewhere in case you need it later.

You can contact the Ombudsman who is basically appointed by the RBI and is a senior officer to address consumer complaints. When the payment system deviates from RBI guidelines for transactions, including UPI, the Bharat QR code, and other methods, there are two reasons for complaint: the inability to credit funds to the recipients’ accounts and the failure to return the amount within an acceptable amount of time. If money is unintentionally sent to the beneficiary’s account, one may also file a complaint with the ombudsman.

So now onwards, be careful while transferring money through UPI, and in case of a mistake may file a complaint as above.