Securely Transfer Money with UPI - Fast, Easy, and Safe Transactions

Mistakes happen sometimes, and people end up transferring money to the wrong UPI IDs. The instant question that comes to your mind is ‘then what should I do?’

The Unified Payments Interface (UPI) has revolutionised digital payments with seamless money transfers using QR scans or UPI transaction ID check. Digital payments have become very popular in the country these days. You can transfer money in a blink of an eye just by scanning a QR code.

But sometimes people end up transferring money to the wrong UPI IDs. And if it happens to you, let's find out how you can get your money back.

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Securely Transfer With UPI

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. And the worry started about getting the money back.

You can call up your bank's service call centre and register a complaint. Apart from this, you can also file a UPI transaction complaint on NPCI's online portal.

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Reasons For Failed UPI Transactions

There can be multiple reasons for a UPI payment failure. Let us look at the scenarios!

• Incorrect Pin
  Entering an incorrect UPI Personal Identification Number (PIN) is one of the most common causes of UPI transaction failure. The UPI PIN is necessary for transaction authentication and authorization, and if it is entered incorrectly several times, the transaction will fail.
• Daily UPI Limit Exceeded
  The user’s bank often sets a daily payment limit for UPI transactions. The transaction will fail if the transaction amount exceeds this limit.
• Incorrect Details of the Receiver
  UPI depends on accurate data, such as the receiver’s UPI ID or mobile number associated with their UPI account. The transaction will not be delivered to the intended recipient if any of these details are inaccurate.
• Insufficient Bank Balance
  UPI transactions require funds to be present in the sender’s account to carry out the transfer. The transaction will fail owing to insufficient funds if the account balance is less than the transaction amount.
• Technical Glitches/Network Issues
  Technical errors or network connectivity issues may cause UPI transactions to fail. This can happen on the user’s device, the UPI platform, or the bank’s servers.
• Transaction Timeout
  Certain UPI transactions have a time limit in which they have to be completed. If this time limit is exceeded, the transaction may fail due to a timeout.

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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. You can get an answer to how to complain about UPI transaction or how to get refund for UPI transaction by following the steps given below:

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.

As per RBI regulations, informing your payment service provider about the wrong payment first can help you get a refund quickly.

You will have to call the customer support of GPay, PhonePe, Paytm, or the UPI app and provide details of the case.

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.

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.

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Tips to Prevent Incorrect Money Transfers

You can avoid incorrect money transfers by following some precautions in keeping the following things in mind:

• Beware of Fraudsters

To prevent involvement in incorrect money transfers, avoid getting engaged with UPI fraud. The bank will never approach you to discuss any sensitive information. Never share your PAN and any other sensitive information.

• Note the SPAM Warnings on your UPI App

Receiving a request from any unknown account provides a spam warning from UPI apps such as PhonePe and Google Pay. Thus, make sure to note such warnings and to report.

• Be Cautious During Accepting/Requesting Requests

Every UPI app such as Google Pay, and PhonePe has a 'request money' feature. Buyers wishing to purchase any product through advertisement on online platforms engage with the seller on call. They end up transferring money through the "request money" option in the UPI app. Thus, a simple click can lead to the transfer of money carelessly

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Conclusion

To conclude, alertness while making UPI transfers and promptly informing banks of accidental wrong remittances can save many headaches. This will later help you get your refund.

Also, don't forget to maintain a transaction record. It will help provide all details easily while registering complaints, either with your bank or via NPCI.

Readers can contact the NPCI 18001201740 on this number, or visit their official website here and register their grievance. Visit Jaagruk Bharat for more such information and insights and also join our community.