![](https://i.imgur.com/CLvY2jA.png")
28-11-2021, 02:24 PM
28 Nov 2021 12:59PM
(Updated: 28 Nov 2021 12:54PM)
NEW DELHI : Visa Inc has complained to the U.S. government that India's "informal and formal" promotion of domestic payments rival RuPay hurts the U.S. giant in a key market
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Mastercard Inc has raised similar concerns privately with the USTR. Reuters reported in 2018 that the company had lodged a protest with the USTR that Modi was using nationalism to promote the local network.
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Modi has promoted homegrown RuPay for years, posing a challenge to Visa and Mastercard in the fast-growing payments market. RuPay accounted for 63per cent of India's 952 million debit and credit cards as of November 2020
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Modi, in a 2018 speech, portrayed the use of RuPay as patriotic, saying that since "everyone cannot go to the border to protect the country, we can use RuPay card to serve the nation."
......
Finance Minister Nirmala Sitharaman said last year that "RuPay is the only card" banks should promote. The government has also promoted a RuPay-based card for public transportation payments.
......
Mastercard and Visa count India as a key growth market, but have been jolted by a 2018 central bank directive for them to store payments data "only in India" for "unfettered supervisory access".
Mastercard faces an indefinite ban on issuing new cards in India after the central bank said it was not complying with the 2018 rules. A USTR official privately called the Mastercard ban "draconian"
https://www.channelnewsasia.com/business...ay-2343281
(Updated: 28 Nov 2021 12:54PM)
NEW DELHI : Visa Inc has complained to the U.S. government that India's "informal and formal" promotion of domestic payments rival RuPay hurts the U.S. giant in a key market
......
Mastercard Inc has raised similar concerns privately with the USTR. Reuters reported in 2018 that the company had lodged a protest with the USTR that Modi was using nationalism to promote the local network.
......
Modi has promoted homegrown RuPay for years, posing a challenge to Visa and Mastercard in the fast-growing payments market. RuPay accounted for 63per cent of India's 952 million debit and credit cards as of November 2020
......
Modi, in a 2018 speech, portrayed the use of RuPay as patriotic, saying that since "everyone cannot go to the border to protect the country, we can use RuPay card to serve the nation."
......
Finance Minister Nirmala Sitharaman said last year that "RuPay is the only card" banks should promote. The government has also promoted a RuPay-based card for public transportation payments.
......
Mastercard and Visa count India as a key growth market, but have been jolted by a 2018 central bank directive for them to store payments data "only in India" for "unfettered supervisory access".
Mastercard faces an indefinite ban on issuing new cards in India after the central bank said it was not complying with the 2018 rules. A USTR official privately called the Mastercard ban "draconian"
https://www.channelnewsasia.com/business...ay-2343281
