Image used for representational purposes.
Nov.24: In today’s world, with the emergence of quick digital payment ways such as UPI, several people prefer to use UPI payment as their daily mode of payment. However, while doing a transaction through UPI, if the money is transferred to the wrong account, then what can be done to retrieve it? That is the big question. So, these simple steps will help an individual get a refund if money is transferred to the wrong account/number while doing a transaction through UPI. But first, let’s get to know about UPI & its advantages.
Unified Payments Interface (UPI)
The Unified Payments Interface (UPI) system unifies various banking functions, smooth fund routing, and merchant payments under one roof by enabling numerous bank accounts into a single mobile application (of any participating bank). Additionally, it supports “Peer to Peer” collection requests, which can be scheduled and funded according to convenience and necessity.
With 21 member banks, NPCI carried out a trial launch while keeping the aforementioned context in mind. The then RBI Governor Dr. Raghuram G. Rajan launched the pilot program on April 11, 2016. Beginning on August 25, 2016, banks have been uploading their UPI-enabled apps to the Google Play store.
How is UPI Unique/Advantages
- Immediate money transfer through mobile device round the clock 24*7 and 365 days.
- Single mobile application for accessing different bank accounts.
- Single Click 2-factor authentication, aligned with the regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
- Virtual address of the customer for pull & push provides for incremental security with the customer not required to enter the details such as card no, account number; IFSC, etc.
- QR Code · Best answer to cash on delivery hassle, running to an ATM or rendering exact amount.
- Merchant Payment with a single application or in-app payments.
- Utility bill payments, over-the-counter payments, QR Code (Scan and Pay) based payments.
- Donations, collections, disbursements scalable.
- Raising complaints from the mobile app directly.
UPI Transactions in India in 2023
According to the National Payments Corporation of India (NPCI), in August 2023, the number of UPI transactions passed the mark of 10 billion. This goes to show the rising popularity of UPI in India as a preferred mode of daily payments.
But by any chance, if a UPI payment goes to the wrong account, then what can be done? Steps for a refund if the transaction is done to the wrong account/number
- Enter the official website of NPCI – https://www.npci.org.in/
- Under the ‘Get in Touch’ section, select ‘UPI Complaint’
- It will directly head to the ‘Dispute Redressal Mechanism’
- There, under ‘Complaint’, select ‘Transaction’
- After selecting ‘Transaction’, fill in all the details asked
If the transaction is found to be genuine, the money will be reversed into the sender’s account within a day’s time i.e. 24 hours.
