The Reserve Bank of India has introduced stricter regulations for mobile wallets, capping balances and transfers, impacting both industry players and consumer transactions.
India's RBI imposed a ₹2 lakh monthly cap on mobile wallet balances and ₹25,000 on P2P transfers, hitting PhonePe, Amazon Pay, and Mobikwik. Higher compliance costs and customer drop-off risk reduce PPI ROI, pushing fintechs toward UPI-first strategies.
RBI has imposed new restrictions on mobile wallets
May 25, 2026
05:39 pm
What's the storyThe Reserve Bank of India (RBI) has surprised the fintech industry by tightening guidelines for prepaid payment instruments (PPIs), popularly known as mobile wallets.
The new rules, which affect major players like Mobikwik, PhonePe, Amazon Pay, Pine Labs, and Airtel Payments Bank, among others, impose a ₹2 lakh monthly outstanding balance limit in a wallet.
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