UPI failed transaction - how to apply for Refund?

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Deal Newbie
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I am facing an issue of failed UPI transaction for which refund is not received and almost 2 weeks completed. I wrote so many mails to ICICI customer care but no proper response received.

20 Comments  |  
7 Dimers
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Deal Newbie
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Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

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Deal Cadet
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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

compensation

Don’t think so.

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Deal Cadet
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What app did you use and for what?

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Deal Newbie
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Pockets wallet UPI to Lazypay merchant

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Deal Cadet
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I am guessing you have already used that “raise dispute or something like that” option, right?

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Deal Newbie
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Will that option work?

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Shopping Friend
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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

Yes, if your UPI transaction is failed and refund not credited within few days. bank now give compensation.

Rs100 per day. Already some dimers get compensation from DBS bank & Citi bank.

@DimeDime

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Deal Cadet
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abhishek012 wrote:

Yes, if your UPI transaction is failed and refund not credited within few days. bank now give compensation.

Rs100 per day. Already some dimers get compensation from DBS bank & Citi bank.

@DimeDime

Really awesome info.
Is that mandated by RBI/NPCI?

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Deal Subedar
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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

U wil get compensation 150/days if settlement is delay at bank side.

Most of the times settlement is delay at merchant side only, in this case no settlement provided.

@abhishek012 kindly confirm

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Deal Subedar
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DimeDime wrote:

Really awesome info.
Is that mandated by RBI/NPCI?

Yes npci has released a circular for same

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Deal Newbie
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Compensation is a secondary thing. I should get the failed txn amount sweat_smile sweat_smile

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Deal Newbie
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GoogleDD wrote:

Compensation is a secondary thing. I should get the failed txn amount sweat_smile sweat_smile

If there is a delay of more than 5 days in refund, then compensation theory applies. I kept following up with DBS for days but only got standard reply that ticket is opened. Then i left for a week or so and finally got there transaction refunded along with compensation after 2.5 weeks.

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Deal Newbie
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Should I ask for compensation, or will they process it along with the refund? Mine is ICICI bank

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Deal Newbie
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GoogleDD wrote:

Should I ask for compensation, or will they process it along with the refund? Mine is ICICI bank

It should be automatic, but if you dont receive along with original amount then do raise the issue with them citing RBI circular or any news article to issue compensation to you.

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Deal Cadet
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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

Yes u will as @abhishek012 said

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Deal Newbie
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Guys I have refund for the failed transaction after 15 working days. But no compensation amount received pensive
Should I ask for it? If so, shall I send mail to Ombudsman pls suggest

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