{"id":4217,"date":"2023-05-10T12:26:23","date_gmt":"2023-05-10T12:26:23","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=4217"},"modified":"2023-05-11T14:35:29","modified_gmt":"2023-05-11T14:35:29","slug":"payment-failures-causing-stress-learn-how-to-avoid-them","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/payment-failures-causing-stress-learn-how-to-avoid-them\/","title":{"rendered":"Payment failures causing stress? Learn how to avoid them"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are you tired of constantly dealing with payment failures and the stress that comes with them? Look no further! In this blog, we will explore how you can make seamless UPI payments<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Unified Payment Service (UPI) offered by NPCI (National Payments Corporation of India) has become the preferred payment method for millions of people across the country due to its secure platform and hassle-free payment journey. UPI Payments are increasingly being used for both peer-to-peer (P2P) and person-to-merchant (P2M) transactions. Since its inception, UPI payments have made investing in the securities market simple.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As there are multiple parties involved in making UPI the fastest payment method, there are times when the UPI transactions fail due to a variety of reasons which may come up either due to technical glitches or human errors.<\/span><\/p>\n<h2><strong>8 common reasons why UPI transactions fail<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Below are some common reasons behind failed UPI transactions due to human errors:<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>The bank account used for making the payment is not a registered bank account<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">One of the most common errors which leads to failed UPI transactions is when the user selects one registered bank account on the merchant website while initiating the payment but tries to pay from another unregistered bank account on the payment service provider app.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This error is also called a \u201c<\/span><b>Third Party Validation<\/b><span style=\"font-weight: 400;\">\u201d failure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per Securities and Exchange Board of India (SEBI) guidelines, transactions must be made by the users only from their registered bank accounts in order to provide seamless business transactions and secure user data and payments.<\/span><\/p>\n<p><b>For example:\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">User ABC initiates payment via Bank A on Paytm Money for investing in stocks \/ mutual funds and selects Google Pay App to complete his payment. On landing on the Gpay app, the user selects Bank B and enters his UPI pin to complete the payment. This leads to the failure of the UPI transaction as the bank details mismatch.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>Incorrect UPI PIN<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While making a UPI payment, the user needs to authorize the transaction by entering the unique UPI PIN. If the user enters an incorrect UPI PIN, then the transaction fails. In case the user has forgotten the UPI PIN, they can visit the UPI profile on the mobile app, tap on the \u201cForgot UPI PIN\u201d option and reset it.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>The daily limit of UPI Payments is exceeded<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There is a daily limit on the number of UPI Payments set by the bank for the users. Most banks put a daily limit of 10 UPI Payments per bank account. If the user has exhausted their limit, they can either use a different registered bank account or they can retry the transaction after 24 hours with the same bank account.\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>Insufficient Balance in Bank Account<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is a common reason for failed UPI transactions. It occurs in scenarios where the user tries to make a payment of an amount more than the available balance in his bank account. Users should always try to check the balance in their bank account before initiating a transaction in order to avoid such failures.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>The UPI payment request expired<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When the user enters his UPI ID (VPA) to make a payment on a merchant app, then a notification is sent to the user&#8217;s payment service provider app (mostly referred as PSP App) which needs to be authorized by the user for a successful payment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This error occurs when the payment request is not accepted by the user within the time limit shown on the merchant app. The time limit varies between different merchants and is generally between 3\u201310 mins.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For Paytm Money, the time limit for authorizing the payment is 8 mins<\/span><\/p>\n<p><b>For example:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">User ABC initiates payment via Bank A on Paytm Money for investing in stocks \/ mutual funds by entering their UPI ID(VPA) like \u2018abc@paytm\u2019. The user will receive a notification on his Paytm app to authorize the payment. The time limit for authorizing the payment request is 8 minutes. If the user fails to accept the payment request, the transaction fails.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>Incorrect UPI ID(VPA)<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Firstly, let&#8217;s start with understanding what is a UPI ID \/ VPA (Virtual Payment Address).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VPA is basically a financial address unique to every user, which helps to send \/ receive\u00a0 \u00a0 money in the user\u2019s account through UPI.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The benefit of using VPA to transfer money is that the user is not required to share the complex bank account details such as bank account number, and IFSC code to receive money. Moreover, VPA also offers an additional level of security for your transactions since neither the sender nor the receiver can find out the bank account details<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the user enters the wrong VPA while doing any transaction, the payment fails. Hence, the user should ensure entering the correct VPA before initiating a transaction. The user can locate the VPA by clicking on the profile section in the PSP App<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>The daily UPI amount limit is exhausted<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The daily transaction limit is the maximum amount a user can transfer on a particular day via the UPI payment method.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banks generally have a daily transaction limit of Rs 1 lakh, but it varies from bank to bank. If the user tries to transfer an amount greater than the limit, their transaction fails and hence all users should check the daily transaction limit allowed by their banks in order to avoid such failures<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>Incorrect bank account details of the receiver<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The receiver is the person\/merchant\u2019s bank account to whom the money is being transferred.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UPI transactions fail if the receiver\u2019s account details such as bank account number, IFSC code or UPI ID is entered incorrectly. In such cases, the money is debited from the user\u2019s account and gets transferred to the wrong account. This failure is most likely while making P2P (person-to-person) UPI transactions.<\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3>Freeze period for first-time user\/user who has reset the UPI PIN<\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The cooling period is a time duration which is implemented by the banks if the user is a first user for UPI Payment or is an existing user but has reset his UPI PIN. This is done for security purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The transaction limit of Rs 5000 is allowed to be transferred for 24 hours, after which the limits are relaxed to normal limits as set by banks. If the users try to make payments beyond these limits, then the UPI transaction fails.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For additional queries related to UPI payments, you can also visit the <\/span><a href=\"https:\/\/www.npci.org.in\/what-we-do\/upi\/faqs\"><b>UPI FAQ section of NPCI<\/b><\/a><\/p>\n<p><b>Did you know up to 4.7% of UPI transactions fail due to the above reasons?<\/b><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-4218\" src=\"https:\/\/paytmmoney.wpengine.com\/wp-content\/uploads\/2023\/05\/UPI-Payment-Failures_blog-image-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/UPI-Payment-Failures_blog-image-1024x576.png 1024w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/UPI-Payment-Failures_blog-image-300x169.png 300w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/UPI-Payment-Failures_blog-image-768x432.png 768w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/UPI-Payment-Failures_blog-image-1536x864.png 1536w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/UPI-Payment-Failures_blog-image.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><strong>Wrapping It Up<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">UPI Payments is one of the safest and easiest methods to make payments online. However, in case the user faces any difficulty while transferring the funds or if the UPI is not working then they can check if the payments are not going through due to any of the aforementioned reasons.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several benefits which UPI payments offer. Let&#8217;s take a look at some of them below:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Easy registration journey\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Simple, secure and hassle-free process of making online payments<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Zero processing fees or transactions charges\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">(* as offered by NPCI currently, however, it can change in future as per NPCI\u2019s latest guidelines)<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Real-time money settlement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Access to multiple bank accounts via a single mobile application<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Continue tapping into the benefits of UPI payments and keep playing a vital part in India\u2019s story of financial revolution!<\/span><\/p>\n<h2><strong>Customer Support<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">If you need any assistance, our dedicated customer support team exg.support@paytmmoney.com is always available to help 24&#215;7, even though the market is open only for 6 hours a day.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can choose from &#8211; Brokerage pricing, Mutual Funds, Stocks, F&amp;O, NPS and Paytm Wealth Community. With multiple languages supported and proactive resolution from our Customer Support, you\u2019ll get answers to all your questions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What are you waiting for? Start investing with <\/span><a href=\"https:\/\/www.paytmmoney.com\"><span style=\"font-weight: 400;\">Paytm Money<\/span><\/a><span style=\"font-weight: 400;\"> for your hassle-free payments.<\/span><\/p>\n<p><b><i>Disclaimer: <\/i><\/b><span style=\"font-weight: 400;\">Investments in the securities market are subject to market risks, read all the related documents carefully before investing.This content is purely for information purpose only and in no way to be considered as an advice or recommendation. Paytm Money Ltd SEBI Reg No. Broking \u2013 INZ000240532. NSE (90165), BSE(6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi \u2013 110019. For complete Terms &amp; Conditions and Disclaimers visit:\u00a0<\/span><a href=\"https:\/\/www.paytmmoney.com\/stocks\/policies\/terms\"><span style=\"font-weight: 400;\">https:\/\/www.paytmmoney.com\/stocks\/policies\/terms<\/span><\/a><\/p>\n<p><b>Written By: <a href=\"http:\/\/linkedin.com\/in\/radhika-agarwal-b22458149\">Radhika Agarwal<\/a><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you tired of constantly dealing with payment failures and the stress that comes with them? Look no further! In this blog, we will explore how you can make seamless UPI payments The Unified Payment Service (UPI) offered by NPCI (National Payments Corporation of India) has become the preferred payment method for millions of people<a href=\"https:\/\/www.paytmmoney.com\/blog\/payment-failures-causing-stress-learn-how-to-avoid-them\/\">Continue reading <span class=\"sr-only\">&#8220;Payment failures causing stress? Learn how to avoid them&#8221;<\/span><\/a><\/p>\n","protected":false},"author":21,"featured_media":4219,"comment_status":"open","ping_status":"open","sticky":false,"template":"single-classic-ns.php","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-4217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-product-updates"],"_links":{"self":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/4217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=4217"}],"version-history":[{"count":0,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/4217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media\/4219"}],"wp:attachment":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=4217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=4217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=4217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}