RBI wallet curbs threaten Paytm, Mobikwik growth models
Draft PPI framework caps wallet P2P transfers at ₹25,000/month, cash loading at ₹10,000, and balances at ₹2 lakh — squeezing fintechs that processed 695M transactions worth ₹22,448 crore. Paytm (110M users) and Mobikwik most exposed; industry pushing for phased rollout.
RBI's draft PPI framework caps wallet P2P transfers at ₹25,000/month, cash loading at ₹10,000, and balance at ₹2 lakh, threatening fintech wallet models. Mobikwik and Paytm are most exposed; industry seeks phased rollout and consultations.
Why this matters
Follows wallet players' pushback on RBI's draft PPI norms demanding parity with banks, and parallel RBI moves to expand e-Rupee CBDC into retail and cross-border rails.
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