Every Indian knows the convenience of using UPI or Unified Payments Interface to transfer money. The tradition of carrying large amounts of cash or a few bucks of change is no longer practised with UPI’s arrival. Within three steps, a UPI transfer can be carried out to anyone. Moreover, users can send payment via three options: by scanning a QR code, entering bank details, or using a UPI ID, and money will be sent to the beneficiary bank account.
It is so convenient, yet people still make mistakes while carrying out the easiest transaction process. Three factors: accidental transfers, incorrect recipients, or unauthorized payments can force you to think about how you can reverse the UPI transaction and get the money back. For this, the National Payments Corporation of India (NPCI) has introduced a facility called UPI Auto-Reversal system. Hence, in unique situations, you can request a UPI reversal.
How to Reverse UPI Transaction?
When it comes to reversing the UPI transactions, there are only a few conditions under which you can request it. It’s essential to learn them.
- First: When you have accidentally transferred the money to an unknown account.
- Second: When you see an unauthorized UPI transfer, report it immediately to your bank or service provider and request a reversal.
- Third: When you have an unsuccessful or failed UPI transaction pending.
However, you will have to understand that once a UPI transaction is successful, it is nearly impossible to get it back. It is essential to double-check the details of the beneficiary before sending the payment.
Steps to Request UPI Reversal:
- First: contact your bank or service provider immediately and register a complaint of accidental transfer or unauthorized payment.
- Second: Provide all the relevant details about the transfer, including the amount, transfer ID or reference number, date, etc.
- Third: Follow their commands, and they will guide you throughout the process to get your money back with reverse UPI.
“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,” mentioned Times of India.