PPI Wallets Push Back Against RBI's Proposed Transaction Caps
PhonePe, Amazon Pay, Mobikwik, Razorpay and Pine Labs have urged RBI to ease draft norms capping wallet debits at Rs 2 lakh/month, P2P at Rs 25,000 and cash loads at Rs 10,000, warning the curbs would materially hurt prepaid instrument businesses.
What happened
PPI wallet operators including PhonePe, Amazon Pay, Mobikwik, Razorpay and Pine Labs have asked RBI to relax draft curbs capping monthly wallet debits at Rs 2
Key facts
- Rs 2 lakh monthly debit cap
- Rs 25,000 P2P monthly
- Rs 10,000 cash-load (from Rs 50,000)
Why this matters
Watch for distressed PPI assets and bolt-on opportunities as smaller wallet-first players struggle under the caps, while strategics with bank/PA licenses gain leverage in any consolidation talks.