In the fast-paced world of digital transactions, it's common to make mistakes such as sending money to the wrong person or encountering payments stuck when using your Unified Payments Interface (UPI). This can happen due to various reasons, including typing errors in phone numbers or UPI IDs or simply choosing the wrong chat contact.
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In such cases or when a payment has gone into pending status, you can get your payment reversed by following these simple procedures.
In these situations, understanding how to rectify these errors is crucial.
Correcting wrong money transfers
Reversing a UPI payment (be it with PhonePe, Google Pay or Paytm) might seem daunting, given that funds are swiftly credited to the recipient's account. However, here are the steps (shared by PhonePe) to follow if you find yourself in this predicament:
Contact your bank: Reach out to your bank directly and initiate a wrong credit chargeback, providing them with the Unique Transaction Reference (UTR) number associated with the payment. If the mistaken recipient holds an account with the same bank, your bank can act on your behalf and request a reversal. In cases where the recipient's account is with a different bank, your bank can assist by providing branch details. You will need to visit the branch and liaise with the manager for further assistance.
Get the receiver's consent: It's important to note that the money can only be reversed with the recipient's consent. If they agree, the funds will be transferred back to your account within seven days. If the recipient does not respond to your request or the bank faces difficulties in retrieving the amount, you can escalate the matter by filing a complaint on the National Payments Corporation of India (NPCI) portal.
Escalate the issue: If the issue remains unresolved after following the aforementioned steps, you have the option to escalate the matter to the banking ombudsman, but only after 30 days.
Handling payments stuck in pending status
A different dilemma arises when payments get stuck in a pending status. Here's how to navigate this scenario (as shared by PhonePe):
Exercise patience: In this situation, your money is safe, and it will eventually be returned to you.
Report the issue: Utilise the app or your respective UPI platform to report the issue. This helps track the progress.
Bank's final update: Allow 48 hours for your bank to provide the final status of the payment. If the payment is successful from your end, the recipient will receive the funds.
Failed payment: If the payment indeed fails, rest assured that the amount will be reversed to your account within 3–5 business days from the payment date.
Bank complaint: For a faster resolution, contact your bank and raise a complaint, making sure to include the UTR number of the transaction.
Escalate through UPI provider: If the issue persists beyond the stipulated time frame, escalate the matter through your UPI app provider, such as PhonePe, Google Pay or Paytm, to initiate appropriate action on the transaction. To report issues or seek assistance, refer to the UPI app's help section or contact their support channels for guidance.
First Published: Sept 12, 2023 12:06 PM IST
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