Icash One - Money not credited

Subject: Complaint Against Failed UPI Deposit – Amount Debited but Not Credited to Wallet Account
Dear Sir/Madam,
I am writing this complaint regarding a failed UPI deposit transaction where the amount was successfully debited from my bank account but was never credited to my wallet account, and both the wallet platform and bank are denying responsibility instead of resolving the issue through proper reconciliation.
Transaction Details:
Transaction Amount: ₹*,***.**
Transaction Date & Time: ** April **** at **:** PM
UPI Reference Number: ************
Sender Bank: Axis Bank
Sender Name: Mulagada Bharath
Beneficiary UPI ID: ramendra-meena@ptyes
Wallet/Platform: iCash.One
Wallet Payment ID: *********
Issue Description:
On ** April ****, I made a UPI payment of ₹*,***.** for topping up my iCash.One wallet. The amount was successfully debited from my Axis Bank account and the transaction status in the banking system was marked as successful.
However, the amount was never credited to my iCash.One wallet account. On the wallet platform, the payment status eventually showed as “Cancelled,” despite the successful debit from my bank account.
I immediately contacted iCash.One support multiple times. The wallet support team officially confirmed through email that:
The funds were never received in their settlement system
The amount did not reach their platform
They are not holding the money
The matter must be resolved through banking reconciliation and RBI failed transaction guidelines
At the same time, Axis Bank rejected my chargeback/dispute request under Complaint No: SAK*********** stating that:
NPCI records show the transaction as successful
The beneficiary bank confirmed that funds were credited to the beneficiary/merchant account
Hence, the dispute was rejected
This creates a serious contradiction:
The bank claims the beneficiary received the money
The wallet/platform officially states they never received the funds
The customer is stuck in the middle without resolution
Despite sharing:
Bank transaction proof
UPI reference number
Wallet screenshots
Email confirmations
Failed deposit details
Neither side has conducted a transparent end-to-end reconciliation or provided conclusive proof showing where the funds are currently held.
This matter clearly indicates either:
Settlement failure between intermediary/payment gateway channels,
Incorrect beneficiary confirmation,
Failed reconciliation process,
Or improper handling of the dispute by the concerned entities.
As per RBI and NPCI guidelines for failed electronic transactions and UPI dispute management, customers cannot be denied resolution merely by citing “successful” transaction status without performing proper fund tracing and reconciliation across all participating entities.
I therefore request the concerned authority/forum to:
Conduct a detailed investigation into the disputed transaction
Obtain complete transaction trail and settlement logs from:
Axis Bank
NPCI
Beneficiary bank
Payment gateway/intermediary
iCash.One
Identify the exact entity currently holding the disputed funds
Direct the responsible party to immediately refund/credit the amount
Take appropriate action for deficiency in service and improper dispute handling
This issue has caused me financial loss, mental stress, and unnecessary delays despite providing all required evidence in good faith.
I request urgent intervention and resolution.
Yours faithfully,