EXCLUSIVE Visa complains to U.S. govt about India backing for local rival RuPay

"Visa remains concerned about India's informal and formal policies that appear to favour the business of National Payments Corporation of India" , the non-profit that runs RuPay, "over other domestic and foreign electronic payments companies," said a USTR memo prepared for Tai ahead of the meeting.

Publicly, Kelly said in May that for years there was "a lot of concern" that the likes of RuPay could be "potentially problematic" for Visa, but he stressed that his company remained India's market leader. When Visa raised its concerns during the USTR gathering on Aug. 9, it cited the Indian leader's "speech where he basically called on India to use RuPay as a show of service to the country," according to an email U.S. officials exchanged on the meeting's readout.

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.

Welcome to capitalism, USAian companies.

in my case,I explicitly filled in a bank account opening form to buy rupay card&they gave me visa.I opened another bank a/c with payt-m banj& requested rupay but CS agent insisted visa is the best🤦

Ah India finally showing the US companies they won't control India like they thought. Walmart and Amazon first now Visa

Boohoo

Why should there be any monopoly or duopoly on card payments, to just 2 players? Visa & mastercard seem to be afraid of Rupay or to any other competitor These are poor businesses who go crying to their 'mama' when competition gets serious and tough!!!!

I know RuPaul loves a good branding opportunity but this is geting ridiculous!

Visa and Mastercard and the Antitrust Regulators' refusal to act to protect consumers will cause the rise of cryptofictional money.

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