The UPI (Unified Payment Interface) is a Government-backed payment interface that allows users to transfer money between bank accounts. You can use UPI for making all sorts of payments within India in any bank without any charges.
It’s a mobile-based payment system developed by the NPCI (National Payments Corporation of India) to enhance the Digital India initiatives and enable common users to use it for money transactions activity. You can use UPI with many apps like – BHIM (Bharat Interface for Money) UPI, or the bank’s own UPI to take advantage of this free and easy to use service.
Since it is adopted by Indians very quickly, today it is the most used mode of money exchange, that’s why there is always a heavy load on UPI.
Sometimes, due to many reasons, money transferred through UPI fails or stuck in pending status. That causes no credit in the receiver’s account, but the payment is already debited from your end. You start worrying about it.
In this case, no need to worry, under failed status you’ll get a full refund, while under pending status beneficiary will get the amount credited in his account.
All banks do reconciliation, if your payment was failed then it will be credited back to your bank account within 2 working days.
In cases where you see a successful payment but the receiver didn’t receive it instantly, such payment status is always in the reconciliation phase at the receiver’s bank and money is credited to the account within 2 or 3 working days.
If it seems too late, nothing worked, contact BHIM UPI directly on Twitter.
They replied me on same day and resolved the issue instantaneously.
In the DM you can share the transaction details in the well-organized format for speedy addressal. DO NOT share any private details like PIN or Password.
Name: Your Name in the Bank
Registered Mobile Number: Your 10 Digit contact number.
Issue Faced: Tell them what happened.
Transaction ID: You can fetch it from the BHIM UPI transaction screen.
Date & Time of the Transaction: Follow the above same screen.
Amount: Mention the amount.
Payer Bank: Bank through which you made the transaction.
Payee Bank: Bank to which you are making the transaction.
If you have multiple transaction failures, we request you to kindly share the details of each transaction separately. In my case within 2 – 3 hours, I received an SMS from the bank that the amount is successfully credited.
Be assured that your money is safe under all circumstances. Even if you don’t contact banks about the issue, they will do the needful just takes more time.