But, amidst this speed of technology, a bitter question always arises in our mind. If money is accidentally transferred to the wrong UPI ID, is there an 'Undo' button to get it back?
Here you should know clearly that there is no magic button like 'Undo' or 'Ctrl+Z' in UPI apps. This is a one-time, real-time process. Once you enter your secret PIN and do OK, the money comes out of your account and reaches the other person immediately. Even the bank cannot reverse this transaction without the consent of the person in whose account the money has been transferred. But it is not that there is no way to get back the money transferred to the wrong UPI ID.
Payment made on wrong UPI ID, what to do now?
As soon as you realize that the money has gone to the wrong person, do not panic. First of all call or send a message to the number to which the money has been transferred. Many times the person in front is honest and returns the money after talking. But if he refuses or does not pick up the phone, immediately inform your UPI app and bank. Every banking app has a 'Report Issue' option; Using this you can register this transaction as 'Dispute'.
If you do not get immediate help from the bank, then go to the NPCL portal. This is the same organization that runs UPI. Register your complaint there under 'Dispute Redressal Mechanism'. Keep your transaction ID, date and screenshot safe. Apart from this, you can also complain directly through BHIM app. This process gives your case an official status, which the bank cannot ignore.
When the bank doesn't listen then where to knock?
Sometimes the lower level officials of the bank show laxity in such matters. In such a situation you should not give up. You contact the 'Nodal Officer' or 'Grievance Department' of the bank. If there is no solution within 30 days, then you can complain to the RBI Ombudsman. RBI's Lokpal is a very powerful platform for such problems occurring in digital transactions.
caution is safety
It is said that 'prevention is better than cure'. To avoid these headaches in UPI transactions, adopt some smart methods:
- 1 rupee test: Before sending a large amount, always send Rs 1 and confirm whether the money is going to the right place or not.
- Use of QR code: To avoid typing mistakes, it is safest to scan the QR code instead of the mobile number.
- Double check name: Before entering the PIN, read the name of the receiver appearing on the screen carefully.
