What if UPI paid the wrong amount? www.deekpay.com

Now Indians are basically passingUnified Payment Interface of India(UPI) platform for online digital transactions. In fact, UPI processed 75% of online digital payments and digital retail payments grew by over 50%, largely due to the widespread use of UPI.

However, this surge also occasionally leads to problems in that people may end up sending funds to the wrong UPI address. With this in mind, the Reserve Bank of India (RBI) has worked out how to retrieve misdirected payments.

What if UPI makes a mistake in payment?

Here's how to recover money paid in error:

Contacting the payee: You can contact the payee of your erroneous transfer and ask them to refund you the money. You can do this through their UPI ID or phone number to contact them and request a refund. Seek help from your bank: if you are unable to contact the payee, contact your bank. Provide your bank with the transaction details and they will initiate the refund process to recover your funds. India PaymentsIn its blog, the company PhonePe said, "Contact your bank directly and raise an incorrect credit refund using the Unique Transaction Reference (UTR) number of the payment." Try customer support for UPI apps: As per the RBI guidelines, you can also report the issue to your UPI app (such as Google Pay, Paytm or Phonepe) through its customer service. You will have to submit proof of transfer and request for a refund. NPCI Complaint: If your issue remains unresolved, you can file a complaint on the NPCI portal. Go to https://www.npci.org.in/ and click on "What we do". Then select "UPI" from the available options. Next, scroll down to the "Complaint Section" and fill in the transaction details such as nature of transaction, bank name, UPI ID, email and phone number. Thereafter, select "Problem" as "Wrong transmission to wrong UPI address". Also, attach a valid proof, such as a bank statement showing the incorrect transaction.

If the problem is not resolved after 30 days, you can contact the Bank Ombudsman for further assistance.

How to handle pending transactions

A pending transaction occurs when a payment is debited from your bank account while you are using the UPI application, but the payee does not receive the payment. In this case, the payer should notify the online payment application of the error.

Usually, it takes about 48 hours for the bank to update the payment status. If the transaction is successful, the amount will reach the beneficiary's account, but if the transaction fails, the amount will be refunded from the debited account the next day or within 48 hours. This is because as per Reserve Bank of India guidelines on co-ordination of Turnaround Time (TAT) and Customer Compensation for Failed Transactions, the bank should credit the beneficiary's account before T + 1 day. In case of delay beyond T + 1 day, the bank is required to pay a penalty of Rs. 100 per day.