How to reverse accidental UPI transaction? Know here
It is possible to reverse an accidental UPI transaction. Here’s a simple guide on how to reverse the transaction. Read to know!
In case you find yourself in trouble after making an accidental UPI transaction, worry not! It is possible to reverse an accidental UPI transaction. Here’s a simple guide on how to reverse the transaction. Read to know!
Step-I: Contact Customer Service
First things first, get in touch with your bank or UPI service provider in order to reverse an accidental UPI transaction. Share the required key details like the transaction number, date, and the amount. It is to be noted that without these key details, reversing the accidental UPI transaction would not be possible.
Step-2: Inform the cause
Next, inform them exactly why you want the reversal, Did you send the money to the wrong person or spot an unauthorised transaction? Be clear about it. This information helps the customer service officials in understanding your issue better.
Step 3: Restrictions on time
Keep an eye on the time. Some banks and UPI providers have time restrictions for reversal. The sooner you act, the better your chances are.
Step 4: Waiting for approval
Once you have provided them with the right and accurate information, your bank or UPI provider will take a look into the matter. If your request for reversal is approved by them and it meets the criteria for reversal, they will kick start the UPI auto-reversal process.
Step 5: Confirmation
Within a defined period of time, your bank or UPI service provider will inform you via a written communication, confirming the results of the reversal. If all goes well, then the refunded amount will be transferred back into your account.
It is to be remembered that reversing an accidental UPI transaction might take a bit of time. Hence, it is utmost important to stay patient.
Be careful while making UPI transactions
While UPI transactions can be reversed in some cases, the best plan is to avoid the issue altogether. It is crucial to be mindful while making UPI transactions.