Scope
PeyCoIn acts as a technology layer that helps you settle balances with friends and merchants through regulated payment rails (UPI, IMPS, cards, net banking). The rules for refunds therefore depend on the rail used and the counter-party.
Person-to-person settlements
UPI and IMPS person-to-person transactions are final and irrevocable once successfully credited to the beneficiary. If you transferred money to the wrong recipient, please first request a refund from the recipient. If the recipient does not cooperate, you may raise a dispute with your bank within the timelines specified by NPCI / RBI.
Failed or stuck transactions
If a UPI or card transaction fails after debit but the beneficiary is not credited, the rail will auto-reverse the amount in line with NPCI's "Turn-Around Time and Customer Compensation for Failed Transactions" framework (RBI circular dated 20 September 2019). Typical reversal timelines:
| Rail | Auto-reversal TAT | Compensation if delayed |
|---|---|---|
| UPI | T+1 day | ₹ 100 / day after T+1 |
| IMPS | T+1 day | ₹ 100 / day after T+1 |
| Cards (online) | T+5 days | ₹ 100 / day after T+5 |
If the auto-reversal does not happen within the stated TAT, raise a complaint with us.
Subscriptions & premium features
Premium subscriptions are charged in advance. You may cancel any premium subscription at any time from Settings → Subscription. Cancellations take effect at the end of the current billing cycle; we do not pro-rate refunds for the unused portion of a billing cycle except where required by law.
How to request a refund
- Open PeyCoIn → Profile → Help & Support
- Select the transaction → Report a problem → Request refund
- Add a description and any evidence (screenshots, bank SMS, etc.)
Or write to support@pey.co.in with the transaction reference number ("RRN" / "UTR") and a description.
Refund timelines
Once approved, refunds are issued to the original instrument used for payment. Typical timelines:
- UPI: same day to T+1 working day;
- Cards / net banking: 5 – 7 working days, depending on the card issuer / bank;
- Wallet: same day.
Chargebacks
For card transactions, you have the right to raise a chargeback with your card issuer as per the rules of Visa / Mastercard / RuPay. We recommend reaching out to us first — we are usually able to resolve disputes faster than the chargeback process.