Digital payment systems like Unified Payments Interface (UPI) have revolutionized the way transactions are done. They have eliminated the use of cash in most cases by allowing one to scan a QR code and transfer the desired amount directly to the bank account.
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From street vendors to retail chains, UPI is now ubiquitous in India because of the ease with which transactions are made. Even after that , due to wrong typing of UPI ID many times the money gets transferred to someone else. What should be done in such a situation so that your money can be recovered?
If wrong UPI ID money has been transferred
By the way UPI is a safe payment system. Even after that, even small mistakes made on your part can cause financial loss. Entering wrong UPI ID and transferring money to someone else’s bank account by mistake are some of the mistakes you might have come across. Most of us panic in such situations, but according to the Reserve Bank of India, you are recovering the money transferred to another account by entering the wrong UPI by taking the right steps.
You can recover your money in this way
- RBI says that in case of unintentional transactions through digital services, the aggrieved person should file a complaint in the previously used payment system.
- You can take help from the customer care of applications like Paytm, Google Pay and PhonePe and request a refund.
- If the payment system fails to resolve your issue, you can approach the Ombudsman for Digital Transactions set up by RBI.
- A complaint can be lodged when the payment system does not timely comply with RBI’s instructions relating to payment transactions through UPI, Bharat QR Code and others, such as failure to credit funds to the beneficiaries’ account or failure to comply within a reasonable time. Failure to refund the amount within.
- Anyone can file a complaint with the Ombudsman when funds are wrongly transferred to the beneficiary’s account.
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