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Mobile wallets are regaining traction in India. Global fintechs like Revolut and Tide are seeking licenses, while domestic players are entering the market. Transaction volumes are recovering after Paytm Payments Bank’s shutdown. New use cases, interoperability with UPI, and a focus on security are driving growth.
In transactions below Rs 500, P2M volumes surged from 291.54 crore in 2019 to Rs 9,112.72 crore in 2024, registering a CAGR of 99%.
The app enables users to open savings accounts with YES Bank in minutes. It also allows to integrate all financial accounts into a single view through the Account Aggregator ecosystem, which has surpassed 100 million consents.
UPI P2M transactions have shown up to 100% growth from 2019 to 2024, significantly surpassing the P2P growth rate, as per RBI’s latest report. This trend highlights the rising use of UPI for small, medium, and high-value transactions in retail settings, reflecting enhanced consumer trust and broader acceptance in business payments.
MobiKwik has launched India’s first full-scale e-rupee (e₹) wallet in partnership with RBI and Yes Bank, marking a milestone in CBDC adoption. The e₹ wallet supports P2P and P2M transactions via UPI, with a ₹50,000 daily limit and ₹10,000 per transaction limit.
As per the company statement, His resignation takes effect on March 31, 2025, or an earlier mutually agreed date.
INDIA-RBI-DIGITAL-Fintech firm Cred joins Indian central bank’s digital currency project
Fintech startups and business correspondents serving rural areas seek Rs 500 crore in equity funding from the government to upgrade technology. This fund, potentially structured like the IMEF, would support services like remittances and Jan Dhan accounts. The request comes amidst a funding winter and seeks to improve last-mile financial inclusion.
New Delhi [India], 121 Finance, an RBI-registered NBFC-Factor, partnered with GeM (Government-e-Marketplace), an initiative of the Ministry of Commerce and Industry, alongside Perfios and Tata Consultancy Services to bring live the new enhanced version of GeM Sahay.
Navi Finserv hosted the second Navi Lenders Summit 2025, gathering 135+ financial leaders to discuss industry trends, showcase tech innovations, and highlight its Rs 1,200 crore fundraising success.
