What Should You Do If You Accidentally Send Money to Someone Through UPI?

 What Should You Do If You Accidentally Send Money to Someone Through UPI?

Here are some suggestions for elderly people in case they send money to the incorrect person by accident after UPI transactions surpassed 10 billion in August.

The Unified Payments Interface (UPI) transactions reached 10 billion in August 2023, according to the National Payments Corporation of India (NPCI). Although it is a significant accomplishment, senior folks may experience difficulties using UPI due to their advanced age. What if they unintentionally transfer money to the wrong person?

Since its introduction in April 2016, UPI has gained a lot of traction in India, where banks, financial institutions, fintech firms, and other businesses now provide UPI-enabled apps on the Google Play store, among other things. The prevalence of UPI has expanded along with the quick growth of the smartphone market. 

While UPI has made access to various bank accounts with a UPI ID more convenient, elderly people who are not tech-savvy may still need assistance to use. They can blunder when typing the receiver's UPI ID or the contact number associated with it.

So, if they send money to the incorrect account, they can take the following action.

If you transferred money to the incorrect account, let your UPI service provider (BHIM, G-Pay, PhonePe, etc.) know right away. You can get in touch with their customer service and request a refund. If the payee's account is in the same bank as the payer, the refund process might go more quickly. If the accounts are in separate banks, it can take longer.

Contact the end user's bank and the PSP bank: You can speak with both the bank where the payer has an account and the payment service provider (PSP) bank if the problem isn't resolved. You can complain to NPCI if you're still not happy.

Complaint submission via the NPCI portal:  Here is how to file a complaint with the NPCI. 

Register at npci.org.in

Choose the 'What do we do - UPI' option from the top menu.

'Dispute Redressal Mechanism' should be chosen, then the form for complaints and feedback.

In the complaint form, choose "Transaction" and enter your information, including the kind of transaction, the problem, the transaction ID, the name of the bank, the amount, the date of the transaction, your email address, and your mobile number.

The 'Issue' tab offers a variety of alternatives for selection. 'Incorrectly transferred to another account' must be chosen. You can submit the bank account statement that shows the transaction and leave comments about your complaint if you'd like.

Once you press the submit button, the issue should be rectified.

RBI's Banking Ombudsman: 

Within 30 days of filing the complaint, you may contact the "Banking Ombudsman" or the Ombudsman for Digital Complaints if all other avenues have been exhausted. By mail or online using the RBI's complaint (Grievance Redressal) portal, you can submit a written complaint to the Ombudsman.  

Keep in mind that you must first file your complaint with the appropriate regulated body, such as a bank or non-banking financial company (NBFC), before submitting it to the Ombudsman.

The UPI security system features a "Single Click 2 Factor Authentication, aligned with the regulatory guidelines," according to the NPCI website.