If you've initiated a UPI transaction and wish to cancel it, there are certain scenarios where cancellation is possible. Here's what you need to know about canceling a UPI transaction:
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Immediate Payment Service (IMPS) transactions:
IMPS transactions, including UPI transactions, are typically processed instantly, and cancellation is usually not possible once the transaction is initiated. Therefore, it's essential to double-check the transaction details before confirming the payment to avoid any errors.
Some UPI apps or merchants may offer pre-authorization transactions, where a small amount is temporarily deducted from your account to verify its validity before the actual payment is made. In such cases, cancellation is usually not required, as the deducted amount automatically gets refunded within a specific timeframe, typically within a few hours or days.
Refunds for failed transactions:
If a UPI transaction fails, as discussed earlier, the funds are automatically reversed or refunded to your bank account or UPI wallet. In this case, you don't need to cancel the transaction.
Scheduled or pending transactions:
If you have scheduled a UPI transaction for a future date and time or if the transaction is still pending and hasn't been processed yet, you may have the option to cancel it.
It's important to note that the ability to cancel a UPI transaction may vary depending on the UPI app you are using and the specific circumstances of the transaction. It's always a good practice to carefully review the transaction details and consider canceling or correcting any erroneous transactions as soon as possible.
If you need to cancel a transaction or have concerns about a specific transaction, navigate to the transaction history section of your UPI app and look for options like "Cancel," "Refund," or "Transaction Details" to access cancellation or refund functionalities. In case you don't find any such options, you can reach out to the customer support of your UPI app or your bank for further assistance.
Remember to keep a record of the transaction details, including the transaction ID and any error messages, for reference when seeking support or requesting a cancellation.
