If you have ever experienced that moment of dread when you realize you have sent money via Unified Payments Interface (UPI) to the wrong recipient, you are not alone. When digital payments have become commonplace, the convenience of the UPI can sometimes be overshadowed by the panic resulting from a mistaken transaction. The question is, can you reverse a UPI payment made in error?
Reversal of a UPI transaction
By design, UPI payments are irreversible once they reach the recipient. There is no straightforward 'undo' button, unfortunately. But all hope is not lost. Here is what you can do:
1. Contact the recipient:
Your best bet is to reach out directly to the person who received your funds and request a return transfer.
2. Raise a dispute:
If the recipient is uncooperative, you can raise a dispute through the UPI app. The resolution, however, depends on the goodwill of the recipient bank and the evidence you provide.
3. Bank intervention:
Approach your bank immediately. They can guide you through the process.
While these steps offer a glimmer of hope, prevention is undeniably better than cure, especially when it comes to your hard-earned money.
Also Read:3 easy steps on how to link UPI with credit card
Safe and secure UPI payments
The digital payment landscape requires not just convenience but vigilance too. Here are essential tips to ensure your UPI transactions are secure:
- Double-check details: Always confirm the payee’s details before hitting ‘send’.
- Secure your mobile device: Use strong passwords and biometric locks to protect your device.
- Keep your PIN private: Never share your UPI PIN with anyone.
- Beware of phishing scams: Be cautious of suspicious links and fraudulent communication.
- Regularly monitor your accounts: Check your transaction history frequently to spot any unauthorized transactions quickly.
- Check the beneficiary name: Always check the beneficiary name in the UPI PIN page before submitting the PIN.
- No PIN to receive money: Remember, you don’t need PIN to receive money via UPI transactions. If you are receiving money via UPI and the sender asks for your PIN, then you can be sure that it is a fraud transaction.
Also Read:Get Ready To Use The UPI App in 4 Easy Steps
Conclusion
While reversing a UPI payment made in error is not as simple as pressing 'undo', taking immediate steps and practising precautionary measures can save you from potential headaches. Remember, vigilance is key in the digital payment domain. For a smooth and secure transactional experience, using the Fibe Axis Bank Credit Card feature can offer you peace of mind, convenience, and rewards, all in one neat package.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
