Most of the time, the UPI payments are successful instantly and the money is added immediately to the receiver’s bank account. However, in some cases, the users face failed UPI transactions while sending money from one bank account to another. This can be due to multiple reasons like the users may have entered incorrect receiver’s details or UPI PIN, he/she may have exceeded the daily limit, have insufficient balance, etc.
Read further to know in detail what to do in case the UPI payment fails repeatedly. Below, we have explained some of the possible reasons behind the same-
The Daily UPI Payment Limit is Exceeded
A user can do a limited number of UPI payments in 24 hours. Most of the banks put a limit of 10 daily UPI payments. If the user exceeds the daily limit then it is advised to retry after 24 hours or can try making payment using a different bank account.
Insufficient Balance in the Bank Account
In this scenario, the user may be trying to pay/send an amount that is more than the available balance in the bank account. It is advised to check the account balance by tapping on the UPI money transfer icon on the app homepage.
In case the user has forgotten the UPI PIN, he/she can reset the UPI PIN by tapping on the UPI profile on the app homepage and choosing the option of ‘Forgot UPI PIN’.
Wrong Receiver Details
It is strictly advised to check the bank account number and IFSC code of the receiver’s bank while sending the money. The user can also face a failed transaction if he/she fills in the wrong IFSC code or account number while sending the money.
Benefits of Using Paytm UPI Transaction
Let’s take a look at the benefits of using Paytm UPI Transactions:
Since UPI transactions are done using mobile apps, they can be done at any time or from anywhere. There is no fixed timing when you can carry out transactions.
Unlike RTGS, IMPS and NEFT, which charge a fee for transferring funds from one account to another, UPI enables cash-free transactions every time one uses it.
Simple and Fast
UPI transactions are simple and easy to use as it does not require complex account details such as account number, IFSC code, branch name, account holder’s name, etc. A user just needs to enter the UPI ID or PIN to complete the UPI transactions.
Safe and Secure
The Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) regulate UPI transactions. Thus, it is absolutely safe and secure. The payments can be initiated only by using the registered mobile number with the bank in which the user holds his/her account. The transactions can be completed only after confirming the UPI PIN.
UPI Transaction Limits
The UPI transaction limit is the maximum amount that the user is allowed to transfer from his/her bank account to another. The maximum UPI transaction limit is Rs. 1 lakh.
Paytm UPI Transfer Offer
Paytm is a very well-known marketplace that offers many exciting cashback and discount offers. The Paytm users can earn up to Rs. 50 cashback for free in the Paytm wallet on doing the first UPI transaction of Rs.50 or more. One just needs to create a new UPI address and complete their KYC on Paytm to be eligible for Paytm UPI send money offer.
Wrapping it Up!
Paytm UPI is one of the most convenient and safe modes of fund transfer. However, in case the user faces any difficulty while transferring the funds or if the UPI is not working then they can check the aforementioned reasons for the successful transactions. Moreover, they can also call the customer care number Paytm i.e. 0120-4456-456 to get the queries resolved.