RBI's draft wallet rules set to reshape Paytm, PhonePe playbook
RBI's proposed prepaid payment instrument framework would tighten KYC compliance, mandate interoperability, and align wallets with UPI and banking rails — potentially altering how Paytm, PhonePe and rivals handle fund loads, P2P transfers and merchant payments.
RBI's draft framework for prepaid payment instruments would tighten compliance, improve interoperability, and align wallets with UPI/banking rails, potentially reshaping how Paytm, PhonePe and other wallet users load funds, transfer money, and pay merchants in India.