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UPI Transactions: With the Unified Payments Interface (UPI), users can easily transfer money digitally. However, issues like declined transactions or accidentally sending money to the wrong UPI address can sometimes lead to financial losses. As per the new RBI guidelines, if you transfer money to the wrong UPI address, you can expect to get your money back within 24 to 48 hours. If both the payer and payee use the same bank, the refund process will be faster. However, if the transactions are linked to different banks, the refund may take longer.
UPI, developed by NPCI, is a fast and secure payment system that allows you to link multiple bank accounts with a single mobile app. With UPI, you can easily transfer money, pay bills, shop online and do much more using your smartphone for cash or bank details.
Here are 5 ways to get back money sent to the wrong UPI address:
- Contact the recipient: Contact the person who received the money by mistake and request a refund. Provide them with the necessary transaction details and seek their cooperation in returning the money.
- Contact UPI App Customer Support: Report the erroneous transaction to your UPI app's customer support team. Share all relevant information and proof of the transaction. They can assist in initiating the refund process.
- File a complaint with NPCI: If you are unable to resolve the issue through the app's customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide them with transaction details and supporting evidence for further investigation.
- Get help from your bank: Inform your bank about the erroneous transaction. Provide them with all the required details and documents. They can help initiate the chargeback process to recover the transferred funds.
- Call the toll-free number: In case of transaction with wrong UPI address, you can call toll-free number 1800-120-1740.
