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Paytm requests RBI for a hike in cash limit for mobile wallets

Paytm, Payment Bank, March

Mumbai: Rising mobile penetration, soaring cost of living and rising spends by individuals have resulted in the Rs.10,000 limit given in mobile wallets getting exhausted soon. Paytm-owner One97 Communications has requested the Reserve Bank of India to raise the money-limit for Paytm mobile wallets, which have over 85 million users currently, says a report.

Paytm has requested that the limit be hiked to Rs. 25,000 from Rs.10,000 initially.

The news was further confirmed by the founder and chairman

Vijay Shekhar Sharma, Founder and Chairman, One97 Communications, was quoted as saying that Paytm saw 75 million transactions in the month of March 2015.

Speaking to ET, Sharma said, Paytm has half a million customers spending more than Rs. 10,000 and the number would reach a million very soon.

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