How To Recover Money Transferred At Wrong UPI Address?

UPI (Unified Payment Interface) has made digital money transfer quite simple. A lot of focus is being placed on digital payment with new technology. There has been a significant increase in digital transactions between the pandemic's peak and the present. Digital wallets, NEFT/RTGS, UPI, PayTM, Google Pay, the BHIM app, and other applications have made money transfers easier than ever. These are among the most easy ways to transmit and receive money.

The challenges associated with financial transactions have been significantly decreased by UPI, net banking, and mobile wallet. Nowadays, as digital transactions are going high, as a result, money is often transferred to the wrong UPI address. Sometimes this happens in banking fraud as well. In this case, you can get this money back. Let's explore how?

Contact the UPI App Support section to raise the issue

In case of a wrong UPI money transfer, the first thing you can you is to raise the issue at the support section of the respective UPI app you were using to transfer the money. Every UPI has their mechanism to provide support to customers in such cases. 

Report the wrong transaction on the helpline number at BHIM

The second thing you can do in this case is to reach out to the BHIM Toll-Free number 18001201740 with queries or complaints. You can contact the given Toll-Free number and raise the issue with all the details to the representative. 

According to BHIM's FAQs - "I Sent The Money To The Wrong Receiver. Can I Reverse The Transaction?" 

The portal answered, "No, a transaction once made cannot be reversed. Please note that NPCI is only acting as a platform for processing the transaction. Money is transferred immediately. That is why we request you to check beneficiary details before transacting. A successful transaction cannot be reversed unless the beneficiary refunds it on their own. You can try and raise a collect request (for VPA based transactions) and hope that the user will return the same. There is no guarantee that your amount will be reversed."

Contact your bank with details to raise the issue

As soon as you know the money was transferred to the wrong UPI address, first take a screenshot of the message and contact your bank by phone or email. As soon as it's possible, schedule a meeting with the branch manager. The only bank that can address this issue is the one from whom the funds were transferred. Inform your bank about this transaction and contact the branch manager at the earliest. Describe everything that occurred to the customer care department of your bank.

Only when a UPI ID exists, the balance transfer or transaction can take place. In case the UPI ID doesn't exist, the money will instantly be reimbursed to your account.

NPCI - UPI Dispute Redressal Mechanism

If anything above doesn't work, the last thing you can do is raise your complain with the NPCI's UPI Dispute Redressal Mechanism at - https://www.npci.org.in/what-we-do/upi/dispute-redssal-mechanism