Can an UPI payment be refunded?

Yes, an UPI payment can be refunded under certain circumstances. If a UPI transaction fails but the money is debited, the amount is typically credited back to the account within 48 hours (T+1 day) as per RBI guidelines. For refunds initiated by a merchant, the process usually takes 5-7 business days. If a payment was sent incorrectly, the transaction cannot be canceled, and you should contact the recipient or your bank.