Accidentally sent money to the wrong UPI ID? Here are 6 steps to recover it
Accidentally sent money to the wrong UPI ID? Here are 6 steps to recover it
This article will explain how to recover funds sent to the wrong UPI address.
With UPI (Unified Payments Interface), users find it easy to transfer money digitally. Yet, sometimes issues like declined transactions or sending money to the wrong UPI address accidentally can cause financial losses.
This can occur due to several reasons. When a phone number linked to a UPI ID is reassigned to a new individual, causing unintended recipients to receive funds. Besides, you may unintentionally enter the wrong UPI address due to a typing mistake or a misunderstanding of the recipient’s address.
The good news is that UPI also offers ways to retrieve the money in such cases. This article will explain how to recover funds sent to the wrong UPI address.
Contact the Payment System Provider: Immediately lodge a complaint with the payment system you used, such as Google Pay, PhonePe, or Paytm.
Submit a Dispute Redressal Form: Visit the National Payments Corporation of India (NPCI) website and fill out the online form under the ‘Dispute Redressal Mechanism’ section. Be sure to provide details like the transaction ID, virtual payment address, amount transferred, date of transaction, email ID, and mobile number. Additionally, upload your bank statement showing the deduction.
Specify the Issue: Choose ‘Incorrectly transferred to another account’ as the reason for your complaint.
Escalate the Issue If Unresolved: If your complaint remains unresolved, escalate the issue in the following order:
First, to the Third-Party Application Provider (TPAP);
Next, to the Payment Service Provider Bank (PSP Bank);
Then, to the bank where you maintain your account;
Finally, to the NPCI.
Approach the Ombudsman for Unresolved Issues: If the issue is still unresolved after one month or if you are dissatisfied with the response, you can approach the RBI’s independent official (Ombudsman) for Digital Transactions.
File a Complaint in the Appropriate Jurisdiction: File complaints in the jurisdiction where the system participant’s branch or office is located, or where the customer’s address is registered for centralized operations.
