26 May 2026
RBI has released a draft framework to overhaul rules for digital wallets (technically called Prepaid Payment Instruments or PPIs).
Credit card loading banned, so you can no longer top up your Paytm or PhonePe wallet using a credit card. Cash loading cap reduces sharply from ₹50,000 per month to a proposed ₹10,000, affecting users who use wallets for remittances. Cross-border wallet transactions would be banned. Mobile wallets are a core payments infrastructure layer in India, and regulatory tightening here affects companies like Paytm, PhonePe etc.