The use of Unified Payments Interface (UPI) for transferring funds has become the new normal with the widespread adoption of digital transactions. Quick, efficient, and easy to use, UPI transactions make our lives a lot simpler. However, along with the ease of transactions, comes the risk of a slip of a finger, causing funds to be sent to an unintended recipient.

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This is especially common given the fact that UPI contributed 75 per cent of the total retail segment transaction volume in FY 2022-23.

So, what can be done if you find yourself in this predicament? If you have ever transferred money by mistake to an unintended UPI id, do not panic. There are several ways to rectify this situation and get your money back.

Identifying the error

Discovering that you've transferred money to the wrong UPI address can lead to a panic reaction. However, the first step is always to double-check the details of the transaction. Confirm whether the transfer has indeed been made to an incorrect UPI ID. In such cases, it's essential to keep calm and follow the steps to recover the money.

Here are a few simples to get your money back sent to a wrong UPI ID:  

Contact the wrong recipient 

Your first move should be to contact the beneficiary of the mistaken transaction. However, this can be challenging if you don't have their contact details. In such cases, UPI can try to send a daily transfer of a small amount like Rs 1 to the unintended recipient with a note explaining the mistake and requesting a refund. Keep in mind that the success in this case largely depends on the goodwill of the recipient.

Hold onto your transaction messages

It's of utmost importance that you keep all your transaction messages saved on your phone. Transaction details, including the PPBL number, play a significant role when you're filing a complaint. If you've made an incorrect payment, you can lodge a complaint about it on the National Payments Corporation of India (NPCI) website. Established by the Reserve Bank of India, NPCI is the organisation responsible for providing UPI services.

File a complaint with your bank

In addition to contacting the customer service of your payment platform, it's also important to lodge a complaint with your bank. Inform them about the erroneous transaction and provide the relevant information. According to the guidelines issued by the Reserve Bank of India, your misplaced money can be retrieved within two days of lodging a complaint about the wrong payment. However, it’s important to inform your bank about the incorrect transaction as soon as possible. The sooner you register a complaint the chances of recovering the money are higher.

Steps to take after wrong UPI payment

  • If the incorrect payment was made through UPI or internet banking, the first step is to dial the complaint number 18001201740.
  • Following that, fill out a form providing all the necessary details and file a complaint with your bank.
  • You can escalate the issue to the Ombudsman of the Reserve Bank of India through their website if the bank fails to resolve the issue within stipulated time.
  • Contact the customer care of the payment platform you used, such as Google Pay, PhonePe, or Paytm. Share all the details of your transaction and file a complaint. This action is not only essential but also recommended by the Reserve Bank of India (RBI). Filing a complaint promptly within three working days of your transaction can greatly improve your chances of getting your money back.

In the end, remember that processes take time. It may be distressing to wait, but with these steps, you are more likely to recover your money. Always double-check your details before making a transaction and stay vigilant. The digital world is convenient, but it comes with its own set of challenges. Stay safe, and happy transacting.