Digital payment systems like the Unified Payments Interface (UPI) have completely changed the way we conduct transactions. They have eliminated the need to use cash in most situations by allowing users to quickly scan a QR code and transfer the appropriate amount directly to a bank account.
UPI has spread across India, from street vendors to retail chains, thanks to its ease of use.
Even though UPI is a safe method of payment, you might occasionally make mistakes that cost you money.
You might have sent money to another person’s bank account by entering the wrong UPI ID and sending it there by accident.
In these circumstances, most people worry, but the Reserve Bank of India says that you can get your money back if you take the right steps.
A quick guide on how to get your money back is as follows:
The victim must first file a complaint with the appropriate payment system.
If the payment service you used, such as PhonePe, Google Pay, or Paytm, is unable to resolve the issue, you can contact the RBI’s ombudsman for digital transactions to request a refund.
He is a senior RBI official tasked with “redressing customer complaints against System Participants as defined in the Scheme for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme,” according to the RBI.
Complaints may be filed for reasons such as failing to return the funds within a reasonable amount of time or not crediting funds to beneficiaries’ accounts when the payment system deviates from RBI guidelines for transactions such as UPI and the Bharat QR code.
One can also complain to the ombudsman if money is accidentally transferred to the beneficiary’s account.
