PhonePe to levy ₹100 fee on wallets idle for 365 days, joins Airtel, MobiKwik
PhonePe will charge a ₹100 inactivity fee on prepaid wallets unused for 365 days, with a 15-day prior notice to holders. UPI transactions routed from linked bank accounts won't count as wallet activity. The move mirrors recent steps by Airtel Payments Bank and MobiKwik, signalling a sector-wide shift to monetise dormant wallet balances.
What happened
PhonePe introduces ₹100 inactivity fee on wallets unused for 365 days, with 15-day prior notice. UPI payments from bank accounts won't count as wallet activity.
Key facts
- ₹100
- 365 days
- 15 days
Why this matters
Convergence around dormant-wallet monetisation hints at margin pressure on standalone PPI businesses, opening tuck-in opportunities as smaller wallets struggle to retain idle balances.