Transferred money to wrong UPI ID? Here's what you should do next to get your money
There has been a significant increase in digital transactions between the pandemic's peak and the present. Digital wallets, NEFT/RTGS, UPI, PayTM, Google Pay, the BHIM app, and other applications have made money transfers easier than ever. Entering the wrong UPI ID and mistakenly sending money to someone else's bank account is one of the scenarios that you may have faced. Here's what you should do next.
FollowThe challenges associated with financial transactions have been significantly eased by UPI, internet banking, and mobile wallets. As the volume of digital transactions rises, money may occasionally be mistakenly sent to the wrong UPI address or it may be a victim of financial fraud.
Due to the simplicity of transactions it allows, UPI has spread throughout India, from roadside sellers to retail chains. Even though UPI is a safe payment mechanism, accidental mistakes on your side might occasionally result in loss of money. One of the situations you may have encountered was entering the incorrect UPI ID and inadvertently sending money to another person's bank account.
Also Read | World Bank revises India's GDP growth forecast to 6.9 percent for FY23
There is good news, though. You can still get this money back.
If a UPI money transfer goes wrong, the first thing you should do is flag the problem with the UPI app's support section that you used to send the money. Each UPI has a process in place to help clients in such situations.
You can seek help from the customer service of applications like Paytm, Google Pay, and PhonePe, and request a refund. You can also call BHIM Toll-Free at 18001201740 if you have any queries or concerns in this case. You can call the toll-free number provided and speak with an agent there, giving a thorough description of the issue.
Also Read | Vodafone CEO Nick Read to step down, CFO Margherita Della Valle to take charge
Take a copy of the message as soon as you realise the money was transferred to the wrong UPI address, and then contact your bank by phone or email to let them know. Make an appointment as soon as you can with the branch manager. This problem can only be solved by the bank from where the money was transferred. Call the branch manager as soon as possible and let them know about the transaction in your bank. Describe everything that transpired with the customer service division of your bank.
Only when a UPI ID exists, the balance transfer or transaction can take place. In case the UPI ID doesn't exist, the money will instantly be reimbursed to your account.
Also Read | Explained: Digital rupee to roll out from Dec 1; How to use? Which banks will be a part of it?
