Many customers mistakenly give the wrong mobile number while receiving money or refunds via UPI money transfer. The money then reaches the wrong beneficiary. What should a customer do in such a situation?
As per NPCI, any wrong input/un-verified details entered while making a UPI transaction can lead to sending the money to the wrong beneficiary. Therefore, one should always be careful and double check the number of the beneficiary before making the transaction.
However, if someone has made the transaction using a wrong number, s/he should immediately consult the bank for reversal of the amount, NPCI says.
“We advise you to be cautious while making transactions. Any wrong input / un-verified detail used while making a transaction can result in sending the money to a wrong beneficiary. Please cross check and confirm all the details of the beneficiary before making the transaction. In case of any wrong transfers, please contact your bank immediately for reversal of the same,” UPI’s official Twitter handle said recently while addressing the query of a customer who had given the wrong number for getting a refund.
Read More: Govt Allows Banks To Verify Big Transactions Of Individuals By Face Recognition, Iris Scan: Reports
No beneficiary registration required
Unlike banks, where prior registration of a beneficiary is required for money transfers, UPI doesn’t require registration of the beneficiary. Through UPI, the money is transferred on the basis of Virtual ID/account + IFSC/Aadhaar number. Therefore, it becomes more important for customers to enter the correct mobile number for any UPI transaction. Customers should also keep in mind that once the UPI payment is initiated, it cannot be stopped.
For receiving funds through virtual ID transactions, the beneficiary needs to have a Virtual ID and in turn, be registered with UPI. However, in the case of account transfer, the beneficiary need not be registered for UPI.
