UPI: There was a time when people used to be afraid of the name of digital payment. However, after the arrival of UPI in the country, there has been a big revolution in the field of digital payment.
Crores of UPI transactions are happening every day. UPI has made the transaction system very easy. You can easily make payment by just scanning the QR code at the shops. Today, from a small shopkeeper to big e-commerce companies are connected to the UPI network. UPI has been developed by NPCI. It is a real time payment system. You do not have to pay any kind of fee for making transactions through UPI.
Most of us use UPI for transactions. However, many times in a hurry or carelessness while making transactions, people transfer money to the wrong account through UPI. If you have also transferred money to the wrong person’s account through UPI, then you do not need to worry.
According to RBI guidelines, if you have transferred money to the wrong account, then that money can be refunded to your account within 48 hours.
Here are 5 Ways to Recover Money Sent to the Wrong UPI Address:
- Contact the Recipient: Reach out to the person who received the funds by mistake and request a refund. Provide them with the necessary transaction details and ask for their cooperation in returning the money.
- Contact UPI App Customer Support: Report the incorrect transaction to the customer support team of your UPI app. Share all relevant information and evidence of the transaction. They can assist in initiating the refund process.
- File a Complaint with NPCI: If you cannot resolve the issue through the app’s customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide them with the transaction details and supporting evidence for further investigation.
- Seek Help from Your Bank: Inform your bank about the erroneous transaction. Provide them with all necessary details and documentation. They can help initiate a chargeback process to recover the transferred funds.
- Call the toll-free numbers: In case of a wrong UPI address transaction, you can call on toll-free number 1800-120-1740.
