How RBI’s tighter wallet rules could impact fintechs and users?

The RBI has tightened rules for prepaid payment instruments, or mobile wallets, impacting firms like MobiKwik, PhonePe, Amazon Pay and Pine Labs. The revised norms cap monthly wallet balances at ₹2 lakh, while limiting P2P transfers to ₹25,000 and monthly cash loading to ₹10,000. Some industry players believe the move could weaken wallets in favour of banking channels and UPI.