Thursday , September 29 2022

Visa, Mastercard Losing RuPay and UPI in India: Jaitley


The Indian Finance Minister said on Thursday that Mastercard and Visa have lost its market share to the network of internal payments. Mastercard, US government Prime Minister Narendra Modi & # 39; months after he reported using nationalism to promote a local rival.

Finance Minister Arun Jaitley talked about the increase of RuPay and the Unified Payment Interface (UPI), which allowed interbank fund transfers on the second anniversary of the second anniversary of the shock decision to replace PM Modi's high-value bank notes. undisturbed wealth.

PM Modi, New York-based Mastercard & # 39, the second largest purchasing company in the world, where Indians can use RuPay to keep their transaction fees in India and help build roads, schools and hospitals in India. said there was a turnover that was concerned about the purchase. payment processor.

"Today, Visa and Mastercard owe its market share in India to the payment system, which reaches 65 percent of the payment systems of UPI and RuPay Card." note scrap exercise known as exorcism.

Visa refused to comment. Mastercard did not respond to an email requesting comments.

RuPay transaction payments between banks or resellers transfer money between two bank accounts connected to mobile phones at the time of UPI in purchases made with credit or debit cards.

Social media return
Jaitley wasn't talking about transaction volume, not worth it.

RuPay, owned by many Indian and foreign banks, says India's Visa and Mastercard still handles much of the value of payment transactions in the country, although India has accounted for over $ 1 billion of banknotes and credit cards. According to central bank data, Indian payments transactions were worth $ 51 billion (about $ 3.69 billion) in August.

Jaitley said that the total transactions of RuPay jumped to Rs. From 11 billion rupees in September, $ 8400 billion ($ 1.16 billion). The total transactions using UPI jumped to around 598 billion rupees (8.26 billion dollars or Rs. 59,700 crores) in October 2016.

Reuters reported last week that Mastercard filed a complaint against the United States Commercial Representative Office on June 21st, alleging that PM Modi "has served as a national service, associating nationalism with the use of RuPay cards."

The Mastercard note that while PM Modi's digital payments were ler commendable ”, the Indian government took dijital a series of protectionist measures“ to the detriment of global companies.

The story led to a reaction on social media against Mastercard in India, one of the world's largest payment growth markets.

A few wanted to have their banks replace MasterCard with RuPay on Twitter. Some had used the #BoycottMastercard hashtag to raise concerns.

While a user posted a fragmented picture of a Mastercard, another person, Ramesh, uploaded a chart with the Mastercard logo on the toilet flush. PM Modi's spokesman for the Delhi-based Bharatiya Janata Party's head of Delhi said he wants to cancel Mastercard & # 39;; ll from his bank and pass it on to RuPay.

Mastercard did not respond to Reuters' comments on emailed social media feedback.

Ashwani Mahajan, who works under the leadership of Swadeshi Jagran Manch, an economic group affiliated to PM Modi's party's ideological parent, said on Thursday that companies such as Mastercard should "compete with RuPay not complaining to the US government".

"They have taken their market share for a long time, we have the right to protect and improve our economic interests," Mahajan told Reuters.

© Thomson Reuters 2018

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