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.