Sometimes, people may mistakenly transfer money to the wrong UPI ID. In the huge flow of digital transactions, anyone can receive UPI payments by mistake. If you find yourself in this situation, it is crucial to act quickly. Can you recover the funds? You can get your money back if you act quickly and follow the right steps. Here is what you need to do.
If you accidentally transfer money to the wrong account UPI IDAct quickly to increase your chances of recovery. Here is a step-by-step guide:
Contact your bank or UPI service provider
Contact your bank or UPI service provider immediately. Reporting the error immediately is critical for a successful recovery.
Provide details
Please share the transaction details with your bank or service provider including incorrect UPI ID, transaction ID, amount and date.
Contact the recipient directly
If possible, contact the person who received the funds. Politely explain the error and request a refund. Providing details of the transaction can help smooth the process.
File a complaint with NPCI
If other methods fail, file a complaint with the National Payments Corporation of India (NPCI), which oversees the UPI SystemThey will investigate and work to find a solution.
Check transaction status
Please keep track of the status of your complaint through your bank or UPI provider’s customer service.
Keep track
Please contact your bank or service provider for updates and further guidance.
Keeping records
Maintain all records of communications and transactions related to the error for reference.
“Contact the recipient immediately using the phone number linked to their UPI ID. Explain the situation and request a refund; this direct approach usually results in the quickest resolution. If you are unable to reach the recipient or they refuse to cooperate, the next step should be to contact their bank. File a formal complaint, including the transaction details, as most banks have procedures to handle such disputes. Also, file a complaint through the UPI app you used for the transaction, such as Google Pay, PhonePe or BHIM, as these apps offer built-in dispute resolution features. For larger amounts or if other measures fail, escalate the issue to the National Payments Corporation of India (NPCI), which oversees UPI transactions and can help resolve the dispute. As a last resort, consider filing a police complaint if you suspect fraud,” advised Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Private Limited.
How to avoid incorrect UPI transactions?
- Please verify your UPI ID again before making a payment.
- Please verify the UPI ID with the recipient if necessary.
- Be careful when scanning QR codes to ensure you use the correct code for the intended recipient.
- Be on the lookout for phishing scams as scammers may use fake QR codes or misleading links to trick you into sending money to an incorrect UPI ID.
“Prevention is better than cure, so it is always advisable to check the UPI ID and the amount before paying. Enable additional security features like UPI PIN for all transactions to enhance security even without a mandatory threshold. While these precautions can help, recovery is not guaranteed, so one needs to be vigilant. While UPI has transformed digital payments in India, it is crucial to use it responsibly and cautiously,” added Siddharth Maurya.
UPI transactions surge to 9.84 billion in August
In the first 20 days of August alone, India recorded a staggering 9,840.14 million UPI transactions, highlighting the platform’s growing role in enabling cashless payments across the country. According to NPCI, UPI transactions have increased by 45% year-on-year, with the total value exceeding ₹20.64 billion.
This marks the third consecutive month in which the total value of transactions has exceeded ₹20 billion, following ₹20.07 trillion in June 2024 and ₹20.44 trillion in May 2024.
The Reserve Bank of India (RBI) also highlighted the remarkable growth of UPI in its latest monthly bulletin.
Read all our personal finance stories here
Disclaimer
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.