Hey,
UPI payments have revolutionised payments in India. People nowadays are shifting quickly to online and convenient UPI transactions. Unified Payments Interface was introduced to the citizens in 2016. I will tell you ‘can UPI transaction be reversed and the possible options below.
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Can online payments be reversed?Yes, online payments can be reversed. There are many shopping portals and e-commerce websites that reverse payments after the product is returned by the customers. In UPI, online payments can be reversed as well.
How to reverse online payment?You will have to contact the bank to reverse the transferred amount.
They will contact the unintended beneficiary. The bank acts as a facilitator.
You will need to provide the bank details to prove that you transferred the fund to the wrong person.
Once all the information is verified, the reversal process will begin.
It may take 7 working days for the amount to be reflected in your account.
You can even click on the help option shown to the end-user customer. This option is available on the PSP app / TPAP app. Eg. On the BHIM app, you can click on the ‘ raise an issue' button in case of problems like this.
This is all from my end about Can UPI transaction be reversed.
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If you have the question ‘can you reverse UPI transaction, then yes, UPI transactions can be reversed, but only in certain cases. Now the major question arises here is ‘how to reverse UPI transaction?' I will let you know the process below.
UPI transactions are typically irreversible once they have been completed. However, a few exceptions are always there to this rule.
Here are some cases where a UPI transaction can be reversed:
If you have sent money to the wrong UPI ID or mobile number, you can contact your bank or UPI service provider immediately to request a reversal. They may be able to reverse the transaction if the recipient has not yet withdrawn the funds.
If you have authorized a UPI transaction but have not received the goods or services in return, you can contact your bank or UPI service provider to request a chargeback. They may be able to reverse the transaction if the merchant has not yet settled the funds.
If you have been a victim of fraud, you can contact your bank or UPI service provider to report the incident. They may be able to reverse the transaction if they determine that it was fraudulent.
How to revert UPI payment?
To revert a UPI payment in India, you can follow these steps:
Contact the receiver immediately. If you have made a UPI payment to the wrong person, the first thing you should do is to contact them immediately and ask them to refund the payment.
Contact your bank or UPI app provider. If the receiver is unable or unwilling to refund the payment, you can contact your bank or UPI app provider and request a chargeback. A chargeback is a process of reversing a transaction that has already been completed.
File a complaint with the National Payments Corporation of India (NPCI). If your bank or UPI app provider is unable to help you, you can file a complaint with the NPCI. The NPCI is the regulatory body for UPI payments in India.
Now you know how to cancel a UPI transaction.
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Let's be very honest with reverse UPI transaction. It can be reversed, but not in all cases. I have seen many of my friends lose their money. They made incorrect UPI transactions and never got the money back, but some did. For example, my friend paid a shopkeeper Rs 700 instead of Rs 70 through GPay and never got the balance, i.e., Rs 630. But one of my friends got the UPI reversal done. All she did was report the transaction to her bank’s branch, and the bank officials did the rest. Let me share more vital aspects of such a process here.
Can UPI payment be reversed?As per RBI guidelines that were issued in October 2010, an UPI can be reversed. It actually depends on the receiver. If that person agrees to a refund, you will get the money back. In one of my friend’s case, she had given the IFSC code wrong so the amount got transferred to the wrong account. Her bank officials took up this matter quite seriously and negotiated with the receiver on her behalf and gave her the money back. So there are some things you will need to do to get the UPI transaction reversed
Visit your bank
Submit all the details of the transaction
State the cause for the incident
Let the bank officials decide
Not all people are kind enough. If the receiver hesitates to give back the refund, things can get really complicated and you can lose your money. So I will suggest you visit your bank and tell the officials why you need to get the reverse UPI transaction done as soon as possible. Usually, within a week, you will get the money if everything goes well.
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Read More:How to add credit card in BHIM UPI?
How many rupees transfer by BHIM app in one day?
How to link BHIM UPI to bank account ?
How to contact BHIM app customer care?
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- You will have to contact UPI Customer help-line,08368711588. the bank to reverse the transferred amount.
- They will contact the unintended beneficiary. The bank acts as a facilitator.
- You will need to provide the bank details to prove that you transferred the fund to the wrong person.
- Once all the information is verified, the reversal process will begin.
- It may take 7 working days for the amount to be reflected in your account.
Your Feedback Matters! How was this Answer?
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Can UPI transaction be reversed ?
Menak
20044 Views
4 Answers
2 Year
2022-08-29T16:36:40+00:00 2023-02-17T00:01:21+00:00Comment
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