Failed UPI get Penalty

Описание: If your UPI/Mobile Wallet gets debited but the merchant has not received the payment due to some error, then the amount should be auto reversed to you within a specific time frame. The time frames are:

1) UPI to Merchant: If you pay via UPI and the confirmation is not received by the merchant’s system, then auto reversal should be done within the next 5 working days, or else banks need to pay ₹ 100/- per day post that.

2) Wallet to Merchant: If you pay via digital wallet and the confirmation is not received by the merchant’s location, the auto reversal in Remitter’s Account should be done within the next working day if the issuer and acquirer banks are the same.

3) Wallter to Merchant (If the issuer and acquirer banks are different): then according to the system and network used (UPI, IMPS, CardNetwork), the TAT will be determined. Any delay beyond that will lead to ₹ 100/- per day of delay compensation.

Now, here if the mistake is of your bank, you will receive compensation. However, If your account is debited and the beneficiary has not received the money in the stipulated time, the penalty will be paid to them and not us.

Source: Circular Harmonization of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems - Circular DPSS.CO.PD No.629/02.01.014/2019-20

Disclaimer: I am not a licensed financial advisor, registered investment advisor, or registered broker-dealer. This video should be used as an educational tool only and are not a replacement for professional investment advice.