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.

Contact the recipient of the money

To get your money back, you can contact the person to whom you have sent the money by mistake. You can request the recipient to send you the money back by sending him the transaction details.

Contact customer support of the UPI app

To report a wrong UPI transaction, talk to the customer support team on the UPI app. Give them the transaction details.

Register a complaint with NPCI

The National Payment Corporation of India (NPCI) manages the UPI payment system. In such a situation, you can register a complaint with NPCI in case of wrong UPI transaction.

Ask for help from your bank

To get your money back, contact the bank from which your money has been deducted. The bank people can help you get your money back.

Complain by calling on toll free number

If you make a wrong transaction through UPI, you can get your money back by talking on the toll free number. For this, call on toll free number 1800-120-1740 and register your complaint.

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The post UPI Transfers: Here’s How You Can Recover Money Sent To Wrong UPI ID first appeared on Rightsofemployees.com.

From street vendors to retail chains, UPI is now ubiquitous in India because of the ease with which transactions are made. Even after that , due to wrong typing of UPI ID many times the money gets transferred to someone else. What should be done in such a situation so that your money can be recovered?

If wrong UPI ID money has been transferred

By the way UPI is a safe payment system. Even after that, even small mistakes made on your part can cause financial loss. Entering wrong UPI ID and transferring money to someone else’s bank account by mistake are some of the mistakes you might have come across. Most of us panic in such situations, but according to the Reserve Bank of India, you are recovering the money transferred to another account by entering the wrong UPI by taking the right steps.

The post Digital payment systems: Money transferred to wrong UPI ID? can be recovered in this way first appeared on Rightsofemployees.com.