Digital transactions in India have been revolutionised through the introduction of
Unified Payments Interface
(UPI). It offers unmatched convenience and speed when it comes to transferring money or making payments. However, there may be instances when you need to reverse a
UPI
transaction due to reasons such as accidental transfers, incorrect recipients, or unauthorised payments.
In this article, we will guide you through the steps to reverse a UPI transaction and provide important things to keep in mind.
UPI transactions are often quick and efficient, making it difficult to undo the process once the money has been transferred. However, the National Payments Corporation of India (NPCI) has implemented the "UPI Auto-Reversal" system to tackle this problem. In specific situations, you can request to reverse a UPI transaction.
How to reverse UPI transaction
When it comes to reversing a UPI transaction, it is important to understand the specific conditions under which you can request a reversal. There are a few scenarios in which you can request a reversal.
First, if you mistakenly send money to the wrong UPI ID or mobile number, you can request a reversal. Second, if you notice a transaction that you did not authorise, it's important to report it immediately to your bank or UPI service provider. Finally, you can only reverse a UPI transaction that is pending or has failed. Successful transactions cannot be reversed.
It is important to note that once a transaction has been successful, it cannot be undone. Therefore, it is crucial to double-check the details before making a UPI transaction to avoid any errors. By keeping these conditions in mind, you can make sure that you are prepared in case you ever need to request a reversal for a UPI transaction.
Remember when using UPI, remember to keep a record of transactions, stay alert, secure your
UPI PIN
, and double-check the recipient's details.
You can follow the steps mentioned below to request the money back.
If you have made a UPI transaction that you wish to reverse, the first step is to contact your bank or UPI service provider's customer support. It is important to provide all relevant details, including the transaction reference number, date, and amount. They will guide you through the process and may assist you in reversing the transaction.It is important to report UPI transaction issues promptly, as it is crucial due to time sensitivity. Some banks and UPI service providers impose a time limit for such requests.
If the transaction meets the conditions for reversal and your bank or UPI service provider approves, they will initiate the UPI Auto-Reversal process. It may take some time, depending on the specific provider and their policies.
Once the UPI Auto-Reversal process is complete, you will receive confirmation from your bank or UPI service provider. If the reversal is successful, the money will be credited back to your account.
If you have sent money to the wrong person or if there has been any unauthorised transaction, you can initiate the process of reversing a UPI transaction. To do so, you should act quickly and contact your bank or UPI service provider. Provide all the necessary details to expedite the reversal process. It is always best to be cautious while making UPI transactions. Make sure to keep your UPI PIN secure and monitor your account regularly to prevent any unexpected issues. Remember that while reversals are possible, being vigilant and taking preventive measures is the best way to ensure a seamless digital payment experience.
FAQs
Successful transactions cannot be reversed. It is important to note that once a transaction has been successful, it cannot be undone. Therefore, it is crucial to double-check the details before making a UPI transaction to avoid any errors.
How to reverse a wrong UPI transaction in PhonePe? ›
You can only reverse a UPI transaction that is pending or has failed. Successful transactions cannot be reversed. If you mistakenly sent money to the wrong number on PhonePe, it is generally not possible to reverse the transaction directly through the app. However, you can contact PhonePe customer support.
Can UPI transactions be reversed? ›
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.
How to reverse UPI transaction in Paytm? ›
Contact Customer Support of UPI App: Report the wrong transaction to the customer support team of your UPI app. Provide them with all the relevant information and evidence of the transaction. They can assist you in initiating the refund process.
How do I recover money sent to wrong UPI? ›
Recovery methods
- Direct contact: The sender can attempt to contact the recipient directly, requesting a refund. ...
- Bank intervention: The sender can file a complaint with their bank, providing details of the mistaken transaction. ...
- NPCI grievance mechanism: ...
- Through NPCI portal.
By any chance, if you have wrongly transferred the payment to the beneficiary whom you don't know, immediately request your bank to look into the matter for transaction reversal. While the bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank.
How to get money back from Google Pay if sent to a wrong person? ›
Ans: Here are the steps you can take:
- Report the transaction to Google Pay: • Open the Google Pay app and find the disputed transaction. ...
- Contact Google Pay customer support: • ...
- File a complaint with the National Payments Corporation of India (NPCI): •
If your UPI payment fails for any reason, there is no need to worry as your money is absolutely safe with your bank. Your bank will automatically refund the money to your account within 3 to 5 days from the date you made the payment.
How to get a refund from Google Pay for a wrong recharge? ›
Here are the steps on how to request a refund for a wrong recharge from Google Pay:
- Go to the Google Pay website or app.
- Click on your profile picture in the top right corner.
- Select "Payments & subscriptions."
- Under "Budget & order history," click on the order that you want to refund.
- Click on "Report a problem."
In order to receive reimbursem*nt via a reversal transaction, you must contact your bank to cancel and reverse the payment. You can also contact the merchant to confirm that they have not yet received the payment and to explain your reasons for seeking a reversal transaction.
As per RBI, reimbursem*nt can be expected within a timeframe of 24 to 48 hours. The Reserve Bank of India (RBI) has released comprehensive guidelines addressing the scenario where Unified Payments Interface (UPI) users erroneously transfer funds to an unintended recipient.
Can transfer payment reversed? ›
Generally, once a wire transfer has been sent, it cannot be reversed. The funds are considered to be the property of the recipient and the transfer is final.
Can I get my money back after an UPI transaction? ›
2. Can a UPI transaction be reversed? Yes, a UPI transaction can be reversed if it was made in error or was fraudulent. You can request a reversal from your bank or the UPI payment app you used.
How do I reverse UPI transaction in Google Pay? ›
Successful transactions cannot be reversed. It is important to note that once a transaction has been successful, it cannot be undone. Therefore, it is crucial to double-check the details before making a UPI transaction to avoid any errors.
How long does it take to reverse a failed UPI transaction? ›
UPI provides for real time reversals for declines and amount would be transferred back to the payer account immediately. In case if it does not reverse the amount immediately, you can contact your bank for the same.
How can I reverse my transaction? ›
Payment reversal type 1: Authorization reversal
If you or your employees notice something incorrect after submitting the authorization request, you can call your bank to stop the transaction from occurring. This is known as an authorization reversal, and it's highly preferable over a future chargeback or refund.
How do I reverse a money send by mistake? ›
Once you complete a transaction and realize it was erroneous, tap on the Reverse transaction icon on the M-PESA APP. You will be presented with reasons why you want to initiate the reversal. Select the reversal reason - e.g. wrong amount, wrong recipient, other etc.
How to refund money from PhonePe wrong recharge? ›
To refund from PhonePe for a wrong recharge, you should immediately contact PhonePe's customer support:0983-119-8591 and ( available 24/7) customer support either through thire hotline number contact us… Discover new Splunk integrations and AI innovations for Cisco AppDynamics.
