By transferring money on wrong ID, you will get full refund through these four methods suggested by RBI

Wrong UPI Transaction: Every other smartphone user likes the way of making payments through UPI. Even large amounts of money can be transferred in seconds with a single tap. This method of payment is easy but a small mistake can cost you a huge amount. In such a situation, the first way to get the money back is to contact the receiver.

Aug 31, 2023 - 21:47
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By transferring money on wrong ID, you will get full refund through these four methods suggested by RBI

Every other smartphone user likes the method of payment through UPI. Even large amounts of money can be transferred in seconds with a single tap. This method of payment is easy, but a small mistake can cost you a huge amount.

Transferring money by mistake to a stranger through UPI creates a big problem. In such a situation, the user does not understand what to do next. In this article, we are going to tell you some methods, by adopting which you can get your money back-

If you have transferred money on the wrong UPI, then the first way to get the money back is to contact the receiver. Call the receiver's phone number and inform them about the erroneous transfer and request to get the money back.

According to the guidelines of the Central Bank RBI, in such a situation, help can be taken from the customer care support of the user payment service provider. Money can be refunded within 24 to 48 hours after providing the screenshot of the payment to the support team.

Money can also be recovered by reporting on the portal of National Payment Corporation Limited. If you do not get help from the customer care support of the payment service provider, you can visit NPCI Portal. Along with reporting on the portal, there will be a need to provide valid proof. After registering the complaint, the concerned department itself contacts you.

If you are not able to reach the receiver then you can also take help from your bank. You can talk to the customer care helpline of the bank. Apart from this, you can visit the branch of the bank. After providing proof of a wrong payment to the bank, the bank starts the chargeback process for a refund.

Muskan Kumawat Journalist & Writer