How to Recover Money Transferred Via UPI Wallet Payment 2023

How to get back wrong transferred money by UPI Wallet Payment, How to Recover Money Transfered Via UPI Wallet Payment 2023

How to Recover Money Transferred Via UPI Wallet Payment 2023

The Unified Payments Interface (UPI) and other digital payment systems like PayTM, PhonePe, Google Pay, BHIM App, etc. have radically revolutionized how we make payments.

Small individual businesses and large retail conglomerates alike increasingly use UPI in India. They have virtually eliminated the requirement for using cash by enabling a user to instantly scan a QR code and transfer the required amount instantly to a bank account.

UPI Transfer/Payments

Even though UPI is a safe method of payment, you occasionally risk losing money due to careless mistakes on your part. Unintentionally sending money to the wrong UPI ID’s bank account and then requesting a refund may be one of the instances you have experienced.

Although most people in these situations dread, the Reserve Bank of India asserts that if the proper steps are performed, you can recover the money that was sent.

How to Get Your Money Back: A How-To Manual

Anyone who believes money was transmitted to the incorrect person or number must first file a complaint with the applicable payment system.

Through the customer service divisions of businesses like Paytm, Google Pay, and PhonePe, you can seek a refund.

Contact the RBI’s ombudsman for digital transactions if the payment service is unable to remedy the issue.

You can contact the customer care teams of payment apps or the banks directly using the mobile app you used to make the transaction.

The software also records the transaction ID, which you can screenshot or write down somewhere else in case you need it in the future.

You can speak with the Ombudsman, a senior officer who is essentially chosen by the RBI to handle consumer complaints. The inability to credit funds to the receivers’ accounts and the failure to return the amount within a reasonable length of time are the two causes for complaint when the payment system departs from RBI criteria for transactions, including UPI, the Bharat QR code, and other ways. One may also complain to the ombudsman if funds are accidentally sent to the beneficiary’s account.

So from now on, use caution while sending money using UPI, and if something goes wrong, you can register a complaint as described above.