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.

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