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.
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 lakh, P2P at Rs 25,000 and cash loads at Rs 10,000, warning of adverse business impact.