A study by the fintech firm PayNearby found that the value of the Unified Payments Interface (UPI) payments increased by a staggering 650 per cent at semi-urban and rural stores in India. But this has also led to problems like when people inadvertently send money to the wrong UPI addresses.
Aryan Maurya, 22, a Jamia Millia Islamia student, recently transferred money by mistake to the wrong UPI ID while purchasing vegetables. Though it was just Rs 200, what if someone sends a large sum of money into the wrong account?
Here's how you can recover the money sent to the wrong UPI ID.
1. According to the Reserve Bank of India (RBI), if an unintended transaction occurs via a digital service, the harmed party must first lodge a complaint with the relevant payment systems like Paytm, Google Pay, PhonePe, etc., and ask for a refund via their customer support departments.
2. The person may also lodge a grievance on the NPCI portal. Complainants must fill out an online form provided under the 'Compliant' section of the Dispute Redressal Mechanism page on the National Payments Corporation of India (NPCI) website (npci.org.in).
3. The complainant must provide information like the UPI transaction ID, virtual payment address, transmitted amount, transaction date, email address, and mobile number.
4. The complainant must also upload the bank statement showing the amount deducted from the account for the transaction.
5. The basis for the complaint should be carefully selected as "Incorrectly transferred to another account."
6. The complainant can escalate the issue with the payment service provider (PSP) bank if the problem still needs to be sorted. If the issue remains unresolved, the consumer can also approach the banking ombudsman or the ombudsman for digital complaints.
Other Ways To Raise Issue
If the payment system cannot remedy your issue, you can contact the RBI's ombudsman for digital transactions. The officer responsible for handling customer complaints stipulated under Clause 8 of the scheme for insufficiency in certain services will resolve the issue.
When the payment system violates the RBI's guidelines for UPI, Bharat QR code, and other transactions, complaints may be made for reasons such as failing to credit funds to the beneficiary account or failure to return the amount within a reasonable time.
In addition, RBI on Wednesday said UPI will now have a single block multiple debit feature, and the Bharat Bill Payment System (BBPS) will include a wider variety of recurring and non-recurring payments.