The way we do transactions has been completely transformed by digital payment systems like the Unified Payments Interface (UPI). By enabling a user to quickly scan a QR code and transfer the appropriate amount directly to a bank account, they have eliminated the need to utilise cash in the majority of situations.
Due to the simplicity of transactions, UPI has spread throughout India, from street vendors to retail chains.
Even though UPI is a secure payment mechanism, accidental mistakes on your part might occasionally result in a loss of money.
One of the situations you may have encountered was entering the incorrect UPI ID and inadvertently sending money to another person's bank account.
Most people worry in these circumstances, however, the Reserve Bank of India says that if the proper actions are taken, you can reclaim the transferred cash.
Here’s a quick guide on how to claim your money back:
- Firstly, the harmed party must lodge a complaint with the relevant payment system.
- You can ask for a refund via the customer service departments of services like Paytm, Google Pay, and PhonePe
- If the payment service is unable to resolve the issue, contact the RBI's ombudsman for digital transactions.
According to the RBI, he is a senior official appointed by it to “redress customer complaints against System Participants as defined in the Scheme for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme.”
When the payment system deviates from RBI guidelines for transactions including UPI, the Bharat QR code, and other methods, complaints may be made on grounds such failure to credit funds to the beneficiaries' accounts or failing to return the amount within a reasonable amount of time.
If money is inadvertently transferred to the beneficiary's account, one can also file a complaint with the ombudsman.
