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

Solomon island in chaos: PM asked to resign

Protesters burning down the parliament building and police station, people demanding the resignation of the prime minister. Scenes like this are unfolding In the Island nation of Solomon Islands. It is located south of Australia. Protestors of the Solomon Islands are asking Prime Minister Manasseh Sogavare to design from his post. China has a major role to play in this. To understand how a peaceful oceanic nation has spiraled down to this chaos, let's go back to 1971. 7 July 1971 Solomon Islands got its independence from Britain. 1971 was also the year when China was recognized by the UN instead of Taiwan. Many countries also followed the suit in recognizing China. But Island nations of the Pacific didn't give China recognition. One such nation was Solomon Island which recognized Taiwan in 1983. Taiwan and the island nation shared good relations for 36 years. In 2019 new prime minister Manasseh Sogavare switched diplomatic allegiance from Taiwan to China. Malaita, one o

North Korean Economic Meltdown: From Where Does North Korea Get the money?

"Either you fall in line or you're dead" this phrase can summarise the whole legal system of North Korea. On one side, in a country struggling with extreme poverty, people scrambled to get to 2 square meals a day. On the other side, the lavish lifestyle of the supreme leader, big military parade, and testing of high-level missiles. These are opposite scenes unfolding in the same nation. North Korea is one of the closest countries in the world. The country's citizens are not allowed to travel abroad. North Korea only has business relations with a few Nations. You must be wondering then how North Korea can get money for the lavish lifestyle of the supreme leader and big missile tests? Kim Kuk Song, a former high-level North Korean official revealed in an interview with the BBC that most of the money comes from various illegal sources. To understand the whole story let's go back to 1994, one of the deadliest famines that struck North Korea. The famine was n

Military coup: Will Sudanese people be able to see the light of democracy?

Civilian rule dissolved and a nationwide emergency was declared, this is the condition of Sudan. Prime Minister Abdalla Hamdok is reportedly in house arrest with his cabinet. Army has also captured state broadcasters. Susan has a history of military dictatorship but this time civilians are pushing back with protests. This time Sudanese people have tested freedom. Democracy was just around the corner Sudanese people are unwilling to give that up. Military brutally cracks down on protests by firing live rounds in the protests. All roads to the capital city were shut. Sudanese people have experienced a brutal dictatorship for 30 years. Sharia law imposed in its most brutal form and Sudan being the black list of every major financial institution. The wounds of Sudanese people are still fresh. They don't want history to repeat itself. The military on the other hand is defending its power grab by blaming politicians and their actions. The military has promised democratic elections in 2

international buzz

Search This Blog