Have you ever thought about the remedies available in case money is sent to wrong UPI address? Can you recover that money mistakenly transferred to wrong person? Yes, if you act promptly and follow some specified steps you can recover your money. Mistakenly sending money to the wrong UPI address can be stressful for anyone. Here’s how to address such a situation.
1.Take prompt action:
If you come to realize that you have transferred money to a wrong UPI address, act quickly once you notice the error. First, contact your bank or payment service provider (PSP) as soon as possible to start the recovery process. Prompt action might not give time to the receiver to transfer or withdraw the funds.
2. Try to make a direct contact with the recipient:
Nothing can be better than reaching out to the person who received the funds. You can politely convey that you made a mistake in transferring the fund, which was meant for someone else, and thus he or she should refund the money. If the person asks you can give him or her transaction details and ask for cooperation politely.
3. Contact UPI customer care:
You an also reach out to the customer care of UPI and inform them about the wrong or mistaken transaction. The customer care executive might ask for transaction details so keep them ready.
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4. Lodge a complaint with NPCI:
In case you feel that your issue is not getting resolved promptly by the UPI support team, you can also escalate the matter with the National Payments Corporation of India (NPCI). The NPCI manages UPI transactions and provides a grievance redressal system. In order to reach out to the NPCI, go to the NPCI website or contact their customer support. Provide all required details and follow their instructions to raise the issue with it.
5. Reaching out to banking ombudsman:
The sender of the money can also raise the matter with the banking ombudsman if unsatisfied with the responses from the bank or the UPI app’s support team. The banking ombudsman can help in resolving the matter.
6. Lodge a police complaint:
If the transferred amount is significant and you feel that the issue is not being resolved by the bank or NPCI, you can also file a complaint with the local police by providing all relevant transaction information and evidence to aid in the investigation.
7. Initiate legal proceedings:
If all the other options are exhausted, you can consider taking legal action. Consult a legal expert who will guide you through the entire process of taking legal recourse in this matter.
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How to prevent wrong UPI transactions:
- Verify UPI details
Before sending money, always double-check the recipient’s name, UPI address, and other details before completing any transaction to ensure accuracy.
- Keep beneficiaries’ information saved
If you have saved the details of various beneficiaries like you do in IMPS and NEFT transactions, you can avoid such errors. So it is advisable to save frequent recipients’ UPI details in your app.
- Confirm details if you have any doubt about recipient name or account
In case you have any doubt about recipient’s name or any other details, you can first check with the recipient himself before sending the money.
- Transaction confirmation feature
Some UPI apps have this transaction confirmation feature, allowing an extra layer of security as it requires approval before completing the transfer.
Conclusion:
With these above points, it is clear that you can recover money sent to the wrong UPI address but it requires prompt and decisive action on your part. If you follow the above-mentioned steps, you can recover your money.