Transferred money to the wrong UPI ID? Here’s how to recover it fast

Sometimes it happens that people transfer money to the wrong UPI ID. As digital transactions increase, mistaken UPI payments can happen to any person. Act quickly if you find yourself in this situation. Can you retrieve the funds? You can. Here’s what you need to do.

A step-by-step guide 

Contact bank or UPI service provider: Contact your bank or UPI service provider at once. Reporting the error promptly is crucial for a successful recovery.

Provide details: Share the transaction details with your bank or service provider, including the incorrect UPI ID, transaction ID, amount, and date.

Directly contact the recipient: If possible, contact the person who received the funds. Politely explain the mistake and request a refund. Providing transaction details can help ease the process.

File a complaint with NPCI: If other methods fail, complain to the National Payments Corporation of India (NPCI), which oversees the UPI system. They will investigate and work toward a resolution.

Check transaction status: Keep track of your complaint’s status through your bank’s or UPI provider’s customer service.

Follow up: Contact your bank or service provider for updates and further guidance.

Keep records: Maintain all records of communications and transactions related to the error for reference.

"Contact the recipient immediately using the phone number linked to their UPI ID. Explain the situation and request a refund; this direct approach often yields the quickest resolution. If you can’t reach the recipient or they refuse to cooperate, your next step should be to contact your bank. File a formal complaint, including transaction details, as most banks have procedures for handling such disputes," recommended Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited.

" Additionally, file a complaint through the UPI app you used for the transaction, such as Google Pay, PhonePe, or BHIM, as these apps offer built-in dispute resolution features. For larger amounts or if other measures fail, escalate the issue to the National Payments Corporation of India (NPCI), which oversees UPI transactions and may aid in resolving the dispute. As a last resort, consider filing a police report if you suspect fraud,"  Siddharth Maurya  added.

How to avoid incorrect UPI transactions?

• Double-check the UPI ID before making a payment.
• Verify the UPI ID with the recipient if necessary.
• Exercise caution when scanning QR codes to ensure you use the intended recipient's correct code.
• Be vigilant against phishing, as fraudsters may use fake QR codes or deceptive links to trick you into sending money to the wrong UPI ID.

"Prevention is better than cure, so always double-check the UPI ID and the amount before paying. Activate added security features like UPI PIN for all transactions to enhance security, even without a mandatory threshold. While these precautions can help, recovery is not guaranteed, so stay vigilant. Although UPI has transformed digital payments in India, it’s crucial to use it responsibly and cautiously," Siddharth Maurya added.

UPI transactions surge to 9,840 million in August

In the first 20 days of August alone, India saw 9,840.14 million UPI transactions, highlighting the platform's increasing role in enabling cashless payments nationwide.

According to NPCI, UPI transactions have surged by 45% year-on-year, with the total value surpassing ₹20.64 trillion.

This marks the third consecutive month where the total transaction value has exceeded ₹20 trillion, following ₹20.07 trillion in June 2024 and ₹20.44 trillion in May 2024.

The Reserve Bank of India (RBI) also noted UPI's remarkable growth in its latest monthly bulletin.

                                        (By arrangement with livemint.com)