In the information age where most transactions entail the use of the internet, the use of Unified Payments Interface (UPI) of money transfer has been dominant. Unified Payment Interface (UPI) has undoubtedly eased the process of transacting with others as many as one million transactions take place daily. Still, having time-saving implications, it is not absolutely safe; for instance, people accidentally send money to the wrong UPI address.
If you have ever been in such a situation, which of course most of you reading this article without a doubt have been, do not fret. There are some of the methods that can be used when one is trying to get back the money sent to the wrong UPI address. The following points in this guide will also explain to you the procedure and precautions which must be taken for not facing such problems in future.
Step1: The first step that one needs to take is to remain calm and have to look at the transaction details.
If, for instance, you have made a mistake of sending money to the wrong UPI address, you have to look for the following aspects. At times, because of small typing mistakes or some problems in writing the beneficiary’s name or UPI ID.
It is also good to confirm if the money has indeed gone to the wrong person. Take the UPI app that you used for transaction and see whether the transaction status is complete. If the status is “pending” or is “processing,” then there could be a possibility to cancel the transfer.
Step 2: Contact the Beneficiary It is recommend that you contact the beneficiary to allow him or her prepare for the offer as explained below.
In the process of making this transaction, if it has completed the other close step is to talk to the person who received the money by mistake. This is most effective if the person on the receiving end is a friend or willing to obend an ear. There is certainly a lot of trust in people and those who see that this is some kind of mistake would return the money.
Transaction confirmation message or the UPI app will help to find the contact details of the beneficiary. Politely recount the episode and ask them to refund the money.
Step 3: Contact Your Bank or The UPI Service Provider
For more information visit here – Which is better: UPI or IMPS? Which one should you prefer and why?
In case the recipient does not respond or you cannot reach him/her or her account, next step is inform your bank or the UPI service provider. Each UPI transaction is corresponding to the bank account and your bank will have the record of the transaction.
You should inform your bank’s customer care through a phone call or personally go to the branch and report it. Provide them with the following details:
Details of time and date of the transaction
UPI reference number
The amount transferred
UPI ID of the person to whom the money was sent by mistake
It contains many details such as the UPI ID number, and bank account details.
Every bank has its own procedure of complaints handling in terms of grievance redressal mechanism and they will advise you on how to do this. You also might be required to complete a formal dispute form in order to start an investigation. The bank on the recipient’s end will endeavor to reverse the money via the sender’s bank, having been advised of the fraud.
Step 4: File a complaints with NPCI
Read more – Which is better fixed pay or variable pay?
There is also the National Payments Corporation of India (NPCI) which runs the UPI and it also has the ability to settle disputes regarding transactions made through UPI. In case your bank fails to address the concern the matter can be taken further to NPCI through a complaint.
You can raise a complaint through the NPCI website by providing the following details:You can raise a complaint through the NPCI website by providing the following details:
Transaction ID
Billing identification number of the sender and the receiver
Time of the transaction and date
Amount of money transferred
NPCI will look into the matter or the transaction and if they found it to be wrong then they will tell the bank in charge of the transaction to issue a refund.
Things to do to Avoid Sending Money to Wrong server UPI Address
You may also read – Common Mistakes to Avoid When Trading Stocks
While mistakes can happen, there are ways to minimize the risk of sending money to the wrong UPI address:
- Double-Check UPI Details: It is advisable that before finally confirming the transaction,just cross check the UPI ID or the beneficiary details to confirm their authenticity. Sending money to the right person is not guaranteed since small mistakes may send the amount to a different person.
- Use QR Codes: Using the QR code to get to a new page does not allow for typing mistakes to be made either. Some of the UPI apps provide the consumer the choice of utilizing QR codes for a more precise payment.
- Save Beneficiaries: To avoid making the wrong entries, especially when making the frequent payments, it is advisable, to begin with, to save the recipient’s UPI ID in the contact list.
- Send a Small Amount First: If you are sending money to a new recipient send a small sum first to ensure all the details match.
Conclusion
Transferring money to the wrong UPI id is quite a nightmare, but the good news is that you can get your money back if you act fast enough. The best course of action is to move fast, get in touch with the receiver and then negotiate with your bank or the NPCI. However, if the error is real, then most of the cases are cleared in the favor of the sender to some extent taking a considerable amount of time. You should always be very careful when doing any business involving UPI transaction, especially when entering the details, to prevent such experiences in future.
