NPCI launches dispute redressal mechanism for BHIM-UPI users

By: |
March 16, 2021 4:15 AM

UPI-Help will enable BHIM UPI users to use their app to check the status of pending transactions, raise complaints for transactions that have not been processed or money not credited to the beneficiary and raise complaints for merchant transactions.

Other banks are also gearing up to implement UPI-Help for creating strengthened digital payment ecosystem focussed on customer protection.

The National Payments Corporation of India (NPCI) on Monday said it has gone live with ‘UPI-Help’ on the BHIM (Bharat Interface for Money)-Unified Payments Interface (UPI) channel, as part of its Digi-Help stack. The redressal mechanism is aimed at creating a hassle-free experience for BHIM UPI app users regarding resolution of various issues.

UPI-Help will enable BHIM UPI users to use their app to check the status of pending transactions, raise complaints for transactions that have not been processed or money not credited to the beneficiary and raise complaints for merchant transactions.

“UPI-Help can resolve complaints online for person-to-person (P2P) transactions. In addition to this, in case of pending transactions where user doesn’t take any action, the UPI-Help shall also proactively attempt to auto update the final status of the transactions on the app,” the NPCI said in a release.

To start with, the NPCI has gone live on the BHIM app for customers of State Bank of India, Axis Bank, HDFC Bank and ICICI Bank. Customers of Paytm Payments Bank and TJSB Sahakari Bank will also be able to use UPI-Help soon. Users of other banks participating in UPI will be able to access UPI-Help in the months to come.

NPCI said the Reserve Bank of India’s initiative of introducing dispute resolution mechanisms is paving the way to empower customers to confidently adopt digital payments and go cashless. Other banks are also gearing up to implement UPI-Help for creating strengthened digital payment ecosystem focussed on customer protection.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Paytm, India’s most-valued startup, expands ESOP scheme to USD 604 million
2After blockchain test in space, JPMorgan offers solution to improve global funds transfers between banks
3RBI sets up panel to review working of asset reconstruction companies