Unified Payment Interface or UPI for short, has simplified digital money transfers. With modern technology, focus has now shifted to digital payments. Since the pandemic and now, there has been substantial growth in digital transactions. Digital wallets, NEFT/RTGS, UPI, PayTM, Google Pay, the BHIM app, and other technologies have made money transfers easier than ever before. These are among the simplest methods of sending and receiving money.
Transferred the amount to the wrong UPI ID? This is what you can do to get your money back
UPI, online banking, and mobile wallets have considerably reduced the difficulties connected with financial transactions. As the number of digital transactions increase, sometimes money gets transmitted to the incorrect UPI address by mistake or it could be in the case of banking fraud as well. However, there’s good news. You can still get this money back. Let's look at how.
To report an issue, contact the UPI App Support department
In the event of an incorrect UPI money transfer, the first thing you should do is raise the issue with the help area of the particular UPI app you were using to send the money. In such instances, each UPI has a procedure in place to assist clients.
Report the incorrect transaction to the BHIM helpdesk number
The second thing you may do in this situation is to call the BHIM Toll-Free number 18001201740 with any questions or concerns. You can contact the specified Toll-Free number and describe the problem in detail to the agent.
To report the problem, contact your bank
As soon as you realise the funds have been sent to the incorrect UPI address, take a copy of the message and alert your bank by phone or email. Schedule an appointment with the branch manager as soon as feasible. Only the bank from whom the money was moved can handle this issue. Inform your bank of this transaction and call the branch manager as soon as possible.
Describe everything that happened to your bank's customer service department.
The balance transfer or transaction may take place only if a UPI ID is present. If the UPI ID does not exist, the money will be returned to your account immediately.