Business News : UPI has made it easy to send money, but it can be equally difficult to get it back if it goes to the wrong account by mistake. Sometimes, the money is sent to the wrong person in haste, or sometimes, there is a mistake in selecting the wrong UPI ID or QR code. Instead of panicking, it is important to file a complaint immediately. First, enter the transaction details in your UPI app and inform your bank. While a refund is not guaranteed, you can still try to get the money back by following the proper procedures.

What should you do first in case of wrong UPI payment?

UPI transactions are usually completed within seconds. If you have successfully sent money to another person, there is no easy way to cancel it directly in the payment app. However, you can initiate the refund process by filing a complaint. To do this, keep the transaction date, amount, reference number and the person to whose UPI ID the money was sent. This information will help you file a complaint and identify the transaction to the bank.

How to lodge a complaint using the UPI app

First, open the UPI app you used to send money. Go to Transaction History and select Payment. You will get an option to file a complaint or report a problem. Click on it and report wrong payment. Then, contact your bank’s customer service. Inform the bank that money has been accidentally transferred to a wrong UPI ID. Ask them to file a complaint and provide the complaint reference number. It is important to lodge a complaint with the bank instead of just lodging a complaint through the app. This will keep a record of the complaint, which can be used for further action and follow-up.

Why might it take time to get your money back?

There is a difference between a successful transaction sent to the wrong account and a failed transaction. If the payment fails but funds have been deducted from your account, the money can be recovered by following the applicable procedures. However, if the funds have been successfully transferred to another person’s account, the process is different. Banks generally cannot withdraw funds directly from another customer’s account without completing the process.

The concerned bank can be contacted and a refund can be requested

In such cases, your bank may contact the concerned bank and request a refund. If necessary, the recipient can also be contacted. Keep in mind that filing a complaint does not guarantee a refund. The possibility of getting money back depends on the circumstances of the case and the cooperation received from the other party.

What if the recipient refuses to return the money?

If the recipient is willing to return the money, the money can be recovered through banking processes. However, if they do not cooperate, keep your complaint reference number and all records related to the transaction. Continue to contact the bank. If the complaint is not resolved by the Bank, the matter may be referred to the Grievance Redressal Department of the Bank. In appropriate cases, a complaint can be lodged under the integrated ombudsman system of the Reserve Bank of India (RBI). Must comply with applicable regulations and eligibility requirements.