Wrong payment? UPI allows you to reverse it!

UPI transactions are zooming with over 100 billion transaction in October itself. It is easy and covenient and hence people are using it wholeheartedly. However,  when people mistakenly send money to a wrong number due to haste and carelessness, they don’t know what to do. And when this happens, people get anxious and suffer financial losses.

If something like this happens to you, don’t worry; you can get your money back.

In other words, if you accidentally send money to someone using PhonePe, Paytm, GooglePay, or any other UPI app, you can reverse the payment. You can also reverse unauthorized transactions from your UPI account.

The National Payments Corporation of India (NPCI) has introduced the “UPI Auto-Reversal” system to address this issue. In specific situations, you can request a UPI transaction reversal. This is applicable when you have sent money to the wrong UPI ID or phone number.

If an unauthorized transaction is made from your UPI ID, it’s essential that you inform your bank or UPI service provider immediately. Only after doing so  you can recover the money.

Now, let’s find out how can you  initiate the payment reversal process.

According to the Reserve Bank’s guidelines, you first need to lodge a complaint with the payment app, such as Google Pay, PhonePe, or Paytm.

You can contact their customer support. You can also file a complaint on NPCI’s website, npci.org.in. There, you need to go  under the “Dispute Redressal Mechanism” tab, where an online form will be available in the Complaint section.

If your complaint is not resolved, you can contact the banking ombudsman. When you contact the UPI  app then it will be necessary that you provide all the information related to the transaction such as transaction id number and transaction amount etc.

Customer support will assist you in reversing the transaction. It is necessary that you report promptly. Some banks and UPI service providers have set a time limit for making this type of request.

If the conditions for transaction reversal are met and the bank or UPI service provider approves your complaint, then the UPI Auto-Reversal process will be initiated. It may take some time and depends on different service providers and  policies.

Once the UPI Auto-Reversal process is complete,  you will receive confirmation from the bank or UPI service provider. If the reversal is successful, the money will be credited to your bank account.

In addition, you can also visit the nearest bank branch and submit all the evidences related to the transaction there.

Once the bank has all the details of the incorrect transaction,  it will initiate the reversal process.

But keep in mind that this process can take up to 45 days to complete. The time it takes for you to receive the money will depend on the accuracy of your evidence and transaction detaills.