Transferred money to wrong UPI address? Heres how to recover it
UPI services provide utmost convenience while transferring funds as it helps in depositing money within no time. It also doesnt require detailed information, such as the account number or IFSC code of the recipient.
In today's digital payments world, the Unified Payments Interface (UPI) is one's go-to mode FOR transferring money. It saves a lot of time as you can transfer funds within seconds, that too with no extra costs. However, sometimes people enter incorrect details about the receiver's account and the money could be transferred to a wrong UPI address. Well, don't panic in such situations as we have got you covered with potential solutions.
What is UPI?
Firstly, let's explore the intricacies of UPI so that the solutions can be understood better. UPI is a payment solution platform that interlinks several bank accounts of a person on a single app. Developed by the National Payment Corporation of India (NPCI), UPI doesn't need details like account number or IFSC code to make a transfer. Instead, you can transfer funds using the receiver's registered UPI number, a Virtual Payment Address (VPA), or their account's QR code. However, issues can arise if you enter the wrong VPA or mobile number and the money gets transferred to a wrong UPI address.
How to recover money transferred to a wrong UPI address?
Contact the recipient: You can try contacting the recipient by messaging them on the texting space in UPI apps like Paytm and GPay and ask them to transfer the wrongly transferred money. Alternatively, if you have their number, try calling them and politely ask them to return the money.
Get in touch with your bank: In case you can't contact the receiver, then try getting in touch with your bank's officials. You can reach out to the customer care or visit the nearest branch with all the proofs required. If the officials are satisfied with the details, a refund could be initiated. It could take up to 45 days as it depends on the accuracy of the submitted details regarding the wrong UPI transaction.
Contact customer care: UPI apps offer great customer care services and you can contact them if your bank isn't able to help you, the receiver of the money doesn't agree to return it, or if you're unable to contact the recipient. RBI guidelines mention that you can contact the customer care support of the UPI app and ask them for help. You can request them to refund the amount within 24 to 48 hours. Moreover, if your and the receiver's bank is the same the time taken for refund would be reduced.
Report the problem on the NPCI portal: If contacting the customer support team also doesn't help, report the problem on the NPCI portal. You might need to attach valid proof of the incorrect transaction, so be ready with the bank statement. Thereafter, wait for the NPCI officials to respond to your complaint.
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