Money transaction on incorrect UPI ID: Quick guide on how to claim your money back? Details here

Money transaction on incorrect UPI ID: Digital payment systems such as the Unified Payments Interface have completely transformed the way we conduct transactions (UPI). They have eliminated the need for cash in the majority of situations by allowing users to quickly scan a QR code and transfer the appropriate amount directly to a bank account.

Because of the ease of use, UPI has spread throughout India, from street vendors to retail chains.

Money transaction on incorrect UPI ID: Inadvertent errors

Even though UPI is a secure payment mechanism, inadvertent errors on your part may result in a loss of money on occasion.

One of the situations you may have encountered was entering the incorrect UPI ID and inadvertently sending money to another person’s bank account.

Most people worry in these circumstances, however, the Reserve Bank of India says that if the proper actions are taken, you can reclaim the transferred cash.

Quick guide on how to claim your money back:

Firstly, the harmed party must lodge a complaint with the relevant payment system.
You can ask for a refund via the customer service departments of services like Paytm, Google Pay, and PhonePe
If the payment service is unable to resolve the issue, contact the RBI’s ombudsman for digital transactions.

Redress customer complaints {Money transaction on incorrect UPI ID}

According to the RBI, he is a senior official appointed by it to “redress customer complaints against System Participants as defined in the Scheme for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme.”
When the payment system deviates from RBI guidelines for transactions including UPI, the Bharat QR code, and other methods, complaints may be made on grounds such failure to credit funds to the beneficiaries’ accounts or failing to return the amount within a reasonable amount of time.
If money is inadvertently transferred to the beneficiary’s account, one can also file a complaint with the ombudsman.

The post Money transaction on incorrect UPI ID: Quick guide on how to claim your money back? Details here appeared first on News24 English.

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