Visa v/s RuPay: Visa is unhappy about India promoting RuPay

Visa is unhappy with the Government of India. Visa claims that the Indian government backs RuPay over Visa. Even MasterCard has raised similar concerns.

In August Visa CEO Alfred Kelly met with US Trade Representative Katherine Tai. The company feels that a level playing field is absent in India.

MasterCard in 2018 logged similar protests against the Indian card network RuPay. Soon after that Mastercard was banned by the RBI. The reason for the same was the absence of an arrangement to store payment data in India. The rule which every company has to follow in India

Americans also show their unhappiness with the decision. One US trade representative even called the Ban “Draconian”. Till now this has not influenced Indian regulators.

RuPay has the largest share in the new cars which are being issued. But Overall Visa still holds the most share in the overall market. The following are the market shares

44% Visa

36% MasterCard

20% RuPay and other

So far only Visa and RuPay have complied with local storage guidelines. This is leading to more banks issuing either visas or RuPay cards only.

It will be interesting to see now how the financial market shapes in the future.

Comments

Gwadar Protest: How Pakistan and China are exploiting Gwadar?

A Repressive state, a disgruntled population, and a superpower trying to colonize are the factors that lead to many civil wars. Recently such scenes have been witnessed in the Gwadar region of Pakistan. In November 2021 people on the Gwadar began the protest known as “Gwadar ka hakk do'' which translates to give Gwadar its rights. The protests were organized to fight back against the operation of the Government and the Chinese attempt to take over their land. Makran coastal highway which connects Karachi with Gwadar was blocked during the protest. All shops but also shut down. The protestors are demanding basic amenities like job schools, hospitals, and electricity from the government. It is important to note that Gwadar is located in Baluchistan which is one of the most mineral-rich provinces of Pakistan. Some estimates believe that the number of resources in the province could be worth as much as one trillion dollars. But still, citizens have to fight for necessities because ...

A Call that changed the history of the Whole Nation.

(pic courtesy: CNBC) 15th August 2021 the day the Taliban captured Kabul. Taliban has been capturing different parts of Afghanistan since American troops started to leave the country after twenty years of war. Despite much criticism, president Joe Biden is firm on his decision to withdraw troops from Afghanistan. He stressed the fact that this war was endless. Afghanistan is known as the "Graveyard of Kingdoms". No superpower whether Britain, the Soviet Union, or the United States was able to capture the whole of Afghanistan. But today let's focus on one call that changed the destiny of a whole country. The story begins on 1st May 1978, Noor Mohammad Taraki became head of state after overthrowing the Government of Mohammed Dawood. He was influenced a lot by communist ideology. He was instrumental in bringing reforms to Afghan society. One of the major reforms was to open the doors of the school for girls. This decision led to discontent among conservative sects of...

Ukraine-Russia Conflict : Reasons of the Ongoing Tensions

(Pic courtesy: Al Jazeera) Tensions are rising between Ukraine and Russia on Ukraine’s eastern border. US is also leading talks in the NATO forum on the Ukraine situation. There is an increase in ceasefire violations and a massive military buildup in border areas is also a cause of concern. The western powers are worried and urged Russia to pull back its troops as well. With this conflict making recent headlines many of you are wondering what is the cause of this confrontation. To understand that we have to go back to 1991, the time of the collapse of the Soviet Union. Ukraine was a part of the Soviet Union. Since the collapse of the relations between Russia and Ukraine were never friendly. Russia annexed Ukraine's Crimean Peninsula after the oustering of Viktor Yanukovych who was Russian friendly. The ouster was a result of the popular uprising in Ukraine the capital Kyiv. This was followed by separatist conflict in Ukraine's eastern industrial heartland, of Donetsk B...

international buzz

Search This Blog