The Unified Payments Interface (UPI) completely changed money transaction habits. In a moment, your money will be securely transferred. However, sometimes people mistakenly transfer money into someone else's account, marking the beginning of a worrying state for getting the money back.

Read below this detailed guide to learn what necessary steps you should take in case of wrong UP transactions.

Steps You Should Take In Case Of Wrong UPI Transactions

Here is what you need to do in case you notice an incorrect transaction via UPI:

1. Inform Your Bank Instantly:

As soon as a wrong UPI payment happens, first call your bank's customer service centre. You can also contact your UPI service provider. A complaint can also be registered by calling the toll-free number 18001201740, where you will have to provide complete information about the payment.

2. Raise A Dispute On The NPCI Portal:

• First, go to the official website of the NPCI.

• Then click on Get in Touch. After this, enter all the requested information, like name, email ID, etc.

• Once you submit this, select Dispute Redressal Mechanism on the next page. Under the Complaint section, enter Transaction Details, which will include the UPI transaction ID check, virtual payment address, amount transferred, date of transaction, email ID, and mobile number.

• Where asked for the reason, select Incorrectly transferred to another account. Then submit it.

Read More: Making UPI Payments? Know RBI New Rule First

3. Grievance Redressal Timeline:

Banks must resolve UPI disputes within 5-7 working days when you highlight incorrect payments instantly. For NPCI complaints, resolution might take up to 10 days as queries get routed through the beneficiary's bank to seek confirmation of credits.

Read More: New UPI Scam Exposed! Don't Be a Victim

Conclusion

Resolving issues of wrong UPI transfers on time helps maintain trust in the system. Both banks and NPCI have grievance redressal mechanisms and regulate timelines to address complaints.

By promptly raising disputes through defined processes, consumers can get their money refunded in case of errors. This ensures the convenience of UPI is not impacted. Following the right procedures thus helps uphold the security of UPI payments.

Readers can contact the NPCI 18001201740 on this number, or visit their official website here and register their grievance.