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, memos seen by Reuters show.
Mastercard Inc has raised similar concerns privately with the USTR. Reuters reported in 2018 that the company had lodged a protest https://reut.rs/3cQA2La with the USTR that Modi was using nationalism to promote the local network. "That's going to be something we're going to continually deal with and have dealt with for years. So there's nothing new there," he told an industry event.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."
While RuPay dominates the number of cards in India, most transactions still go through Visa and Mastercard as most RuPay cards were simply issued by banks under Modi's financial inclusion programme, industry sources say.
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