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.
What happened
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.
Key facts
- 695 million transactions
- ₹22,448 crore
- ₹25,000 P2P cap
- ₹10,000 cash load limit
- ₹2 lakh balance ceiling
- 110 million users
Why this matters
Window opens to acquire or partner with smaller PPI license holders seeking exits, while pushing M&A theses toward bank-led wallet structures that bypass the new balance ceilings.