RBI draft wallet curbs threaten fintech growth; Paytm, Mobikwik face redraw of strategy
RBI's proposed PPI rules cap P2P transfers at ₹25,000/month, cash loading at ₹10,000, and wallet balances at ₹2 lakh, pressuring fintechs that processed 695M transactions worth ₹22,448 crore. Industry, led by Paytm and Mobikwik with 110M active users, is lobbying for phased rollout.
What happened
RBI's draft wallet rules cap P2P transfers at ₹25,000/month, cash loading at ₹10,000, and balances at ₹2 lakh, threatening fintech wallet growth. Mobikwik and
Key facts
- 695 million transactions
- ₹22,448 crore
- ₹25,000 P2P cap
- ₹10,000 cash load limit
- ₹2 lakh balance ceiling
- 110 million active users
Why this matters
Distressed wallet economics open a window to acquire sub-scale PPI players or strike bank-partnership deals that convert capped wallets into full-stack payment accounts.