One of the most popular payment methods in the nation has grown as the Unified Payments Interface, or UPI, application. Digital transactions via UPI have become very easy due to it. Additionally, with the help of modern technology, digital payment is receiving a lot of attention. Moreover, between the peak of the pandemic and the present, there has been a notable rise in digital transactions. Moving on, UPI payment can now also be done offline. It has greatly reduced the difficulties entailed with banking transactions. By enabling users to scan a QR code quickly, they have eliminated the need to utilize currency in most situations. Even though UPI is a secure payment mechanism, accidental mistakes on your part might occasionally result in a loss of money.
India Digital Payments Report
In the third quarter of 2022 compared to the third quarter of 2021, UPI transactions increased in value by more than 71 percent to Rs 32.5 lakh crore and volume by 88% to 19.65 billion. Consumers’ preferred payment options have evolved as UPI Person-to-Merchant and Person-to-Person. According to a report for Q3 2022 published on December 5 by Worldline India, this represents around 42% of the overall transaction volume.
In Case You Made Digital Transactions Via UPI To A Wrong ID, Follow These Steps To Get Your Money Back
Customers may sometimes enter incorrect information and transfer money to the incorrect UPI ID. The RBI has released detailed guidelines for such circumstances. One can recover money from unintentional transactions by adhering to this. According to the rules, the affected person must first file a complaint with the payment system in operation. So, if someone has used a UPI platform, such as Google Pay, PhonePe, or Paytm, they should report the matter to that platform’s customer support. The individual may also submit a complaint through the NPCI portal. The complainant must fill out information like the UPI transaction ID, virtual payment address, transmitted amount, transaction date, email address, and mobile number.
Additionally, you will be required to attach the bank statement, which details the transaction’s financial impact. Moreover, you need to select “Incorrectly transferred to another account” as your complaint’s primary reason. Moving forward, the complainant might escalate the issue with the bank that provides the payment service. The end-user customer may contact the Ombudsman for Digital Complaints if the issue is still not resolved after that.
RBI’s Ombudsman For Digital Transactions
A senior official designated by the RBI as the Ombudsman for Digital Transactions will address customer complaints against System Participants. After the payment system is unable to fix the problem with payment transactions made using UPI, individuals can submit their questions under this. Additionally, they may use justifications like failing to refund the money promptly.
India’s three most popular UPI apps are PhonePe, Google Pay, and Paytm. The majority of people today are familiar with these UPI apps. Due to the simplicity of transactions it allows, UPI has spread throughout India, from roadside vendors to retail chains.