The increasing adoption of instant digital payments has simplified money transfers through UPI. However, this ease of use also introduces the risk of errors, such as entering an incorrect UPI ID or choosing the wrong recipient, potentially resulting in funds being sent to the wrong account.
If a wrong transaction has been done, one must immediately verify the transaction details, contact the bank or UPI Service Provider and request reversal of funds.
The bank starts the recovery procedure as soon as the problem is addressed. The bank gets in touch with the incorrect receiver immediately to request a refund if the transfer takes place within the same bank (intra-bank). For interbank transactions, banks contact the recipient's bank to fix the problem.
If the recipient refuses, one can file a written complaint with the National Payments Corporation of India which regulates UPI payments, if the bank is unable to retrieve the money.
One should double-check the payment details and send a Test amount first before sending the larger amount.
Banking apps typically feature confirmation panels. Carefully reviewing these before finalizing your payment can help prevent mistakes, so don't rush the process.
