Unified Payments Interface (UPI) has come like a revolution in the country. It has completely changed the transaction habits. Sending money from one place to another has become very easy. Money can be sent in a jiffy with just one scan.
However, many times people accidentally transfer money to someone else’s UPI ID or account. If something like this happens to you too, then there is no need to panic.
Keeping these things in mind, the Reserve Bank of India (RBI) has issued new guidelines addressing the concerns related to wrong transactions on UPI. Under the new rules, if you transfer money to the wrong UPI ID, you can get your money back within 24 to 48 hours. When both the sender and the receiver use the same bank, the refund process is faster. However, if different banks are involved in the transaction, the refund process may take longer.
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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.
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