In recent years, the popularity of UPI (Unified Payments Interface) payments has surged dramatically.
The primary reason behind this surge is the sheer convenience it offers, allowing individuals to transfer money effortlessly from anywhere to anyone.
UPI applications such as Paytm, PhonePe, Google Pay, and BHIM UPI have made daily tasks like shopping, ticket booking, and bill payments a breeze.
While these apps have significantly simplified our lives, occasional hiccups may occur, such as accidental money transfers. In these instances, the pressing concern is how to recover the sent funds.
How to Recover Money Sent by Mistake
To retrieve funds sent in error, UPI reversing can be your savior. However, it’s important to note that this process can be complex and depends on both the bank’s policies and the UPI platform in question.
Swift action is imperative, along with having detailed transaction information, including the transaction ID, date, and amount.
To obtain precise details on UPI reversal, consider reviewing the terms and conditions of your bank and UPI service provider.
Is UPI Reversal Possible?
Anup Nair, CEO of In-Solutions Global, shared insights with News 18, explaining that UPI transactions are generally considered final, but exceptions exist where reversal requests can be made.
These exceptions include transactions made in error, unauthorized payments, fraudulent transactions, unaccepted payments, and technical glitches.
When to Appeal for UPI Reversal
In situations like mistakenly sending money, unauthorized payments, fraudulent transactions, unaccepted payments, and technical faults, you have the option to request a UPI reversal.
Nair emphasized the importance of reporting fraud to BHIM or NPCI customer care in cases of fraudulent transactions. However, it’s vital to understand that a successful reversal is not guaranteed.
To prevent such incidents, always verify the recipient’s details, double-check the payment amount, and exercise caution with unknown merchants.
Situations Unsuited for UPI Reversal
It’s crucial to recognize that UPI payments cannot be reversed once approved. However, if you find yourself in a situation where reversal seems necessary, promptly contact your UPI service provider.
If your bank or service provider fails to address your concerns, you can escalate the issue by filing a complaint with NPCI (National Payments Corporation of India).
While UPI transactions are typically irreversible, knowing the exceptions and the actions to take can help you navigate the process effectively.
