Key Highlights
- UPI apps have gained massive popularity in India
- Paytm is the most commonly used UPI app
- Paytm money can be retrieved when transferred to wrong account
Paytm is the biggest player in the UPI industry and is the first massive-scale digital payment system in India. Besides UPI payments and online transactions, Paytm has been rapidly expanding its services for online ticket reservations and bill payments. Ordering food and groceries and insurance is also an option with Paytm. With a wide range of services, Paytm’s popularity is consistently on the rise amongst both general as well as business users.
Paytm has also made online bank transfers a simplified process. You don’t necessarily have to keep your bank’s net banking details handy all the time. If you have a registered Paytm account, you can easily add your own bank details and do online transactions such as sending or receiving money.
Seamless digital payments services are why Paytm is popular amongst the audience. While transferring funds digitally to any bank account, you would need to enter the receiver’s bank account details. It is always suggested to cross-verify all the details such as the bank account number and IFSC code to avoid transfers to any wrong account.
But if in case you have accidentally transferred money to the wrong bank account, you should be aware of the procedure to retrieve the lost money. So what should you do if you have transferred money to any wrong account using Paytm? Read on the steps below:
What To Do If Transferred Money To Wrong Bank Account Using Paytm?
It is worth mentioning that Paytm doesn’t have the authority to directly claim or reverse the Paytm once the funds are transferred. Therefore, it is advised to re-check the banking details before any money transaction.
Step 1: If the funds have been sent to the wrong person, the first approach recommended by Paytm is to directly reach out to that person.
Step 2: You can either coordinate with the bank of the receiver or Paytm 24 x 7 help center to get the person’s details.
Step 3: If in case the receiver’s account is registered with Paytm via the Paytm wallet of Paytm Bank then Paytm will try contacting the receiver for consent to reverse the transferred funds.
Step 4: If in case the user gives consent, the funds will be transferred back immediately.
Step 5: If the recipient refuses to give back the money, you would have to take a legal approach for the same.
Also Read: Want To Make Paytm UPI Payments To Non-Paytm Users? Here’s The Trick
