How to Reverse UPI Payments When Money is Wrongly Transferred

UPI payments are an extremely popular and now common way of making payments. No matter where you are paying, you can just scan a UPI QR code and send money. You can even send money to your friends with UPI apps such as the Airtel Thanks app. But what happens when you have transferred money to someone by mistake?

Not to worry, we have some of the ways mentioned in this blog where you can reverse UPI payments. 

Wrong UPI Transaction: What to Do First

The first step is to correctly find out where the wrong UPI transaction has happened. A wrong UPI transaction can happen because of multiple reasons – you entered a wrong UPI-registered phone number, the amount sent is wrong, or you scanned an incorrect QR code. Then, find out the UPI ID and ensure that you have double-checked the transaction amount.

UPI Wrong Payment: Initiating the Reversal Process

It is easy to get your money back when you send money by mistake to your friends or family members. But what happens when you have sent money to someone you do not know? Here are the steps on how to start the reversal process on the UPI app:

• Contact the bank directly and raise a request for the wrong credit chargeback.
• Provide the bank with the Unique Transaction Reference (UTR) number of the transaction.
• If the person you sent the money to also holds an account in the same bank, your bank will directly get in touch with them and ask them to reverse the money.
• If you and the person do not have the same bank account, then your bank will only provide the details for their bank account branch.
• You will now have to physically go over to that branch and speak to the branch manager about the incorrect transaction.
• Do note that the money can be only reversed if the receiver also agrees.
• If the person does agree, then you will get your money back to your account in 7 days.
• If the receiver denies it or the bank is unable to help you, then you can also file a complaint to NPCI at https://npci.org.in/
• After the complaint is sent, if you see no action is being taken for more than 30 days, you can contact the Banking Ombudsman and escalate the issue for a resolution

Read more: How to find and know what is your UPI ID?

UPI Payment Reversal: How Banks Handle Wrong Transactions

Upon receiving a complaint regarding a wrong UPI transaction, banks typically initiate an investigation to verify the details provided. This may involve reaching out to the beneficiary’s bank to confirm the transaction and facilitate the reversal process.

Banks aim to resolve UPI wrong payment issues promptly. However, the timeline may vary depending on the complexity of the case and the cooperation of all parties involved. It’s essential to follow up regularly to ensure timely resolution.

Depending on the investigation findings, the bank may reverse the transaction partially or in full. In some cases, if the beneficiary refuses to cooperate or denies receiving the funds wrongly, the resolution process may take longer.

Can UPI Payment Be Reversed: Factors That Affect Reversal Success

The willingness of the beneficiary to cooperate plays a significant role in the successful reversal of a wrong UPI transaction. If they acknowledge the mistake and initiate the refund process, it expedites the resolution.

Timely communication and action from both the sender’s and recipient’s banks are crucial for a swift resolution. Delays in response or lack of cooperation can prolong the reversal process.

The complexity of the transaction error, such as transferring funds to a wrong UPI ID or an unintended recipient, can influence the ease of reversal. Simple errors are generally easier to rectify compared to more intricate cases.

Read more: What is VPA in UPI payments and what does it mean?

How manage a wrong UPI transaction made on the Airtel Thanks app?

In case your UPI transaction on the Airtel Thanks app has gone wrong and you wish to reverse it, here’s what you can do:

• Open the Airtel Thanks app on your phone
• Click on the help tab
• Ask the chatbot for help
• Enter the necessary information 

And very soon, you will be able to reverse the UPI transaction that was made as an error.

Read more: How to reset and create a new UPI PIN?

Conclusion

In conclusion, reversing wrong UPI payments requires proactive steps from both the sender and recipient, along with the cooperation of banks and regulatory authorities. By understanding the process and taking preventive measures, individuals can navigate UPI transactions effectively and mitigate the impact of any errors that may arise.

Start using the Airtel Thanks UPI app for faster transactions. Get an easy way for all your recharges, postpaid bill payments, buy new Airtel services, refer your Airtel connections and a lot more, from just the Airtel Thanks app. Download it right away!