"i think its a great opportunity for all those who got the Mastercard variant before this campaign to ask for a Rupay conversion through this method or demand for fee waiver for 3 years to stay in Mastercard variant"
Hahaha, they won't entertain you guys 🤣, no matter how much you cry harder. Understand that 3 year free promotion is extended by Myntra only, not the Kotak. Myntra will compensate you via some sort of GV or fee reversal. Kotak has nothing to do with it.
They won't reverse annual fees either if spend criteria isn't met, for non-promo customers.
Card is really at it's best with 590₹ annual fees. People should not cry about it 🙂.
And for conversion to RuPay, pricing code will remain same. You have to pay annual fees in any cost.
Disclaimer: If Myntra & Kotak linked number is different, you won't get any 3 year free offer reversal 🤣💀.
I wonder why would anyone switch to a network with more failure rates, less acceptability on popular/international websites & overall no real benefits
Cant remember last time Mastercard issuing a "all mastercard cc" offer on any platform while Rupay has been doing so.
I have personally not faced any "more failures" compared to other networks. Infact my Millenia recently face multiple failures at POS and Tataneu came to my rescue.
considering how CC network was completely dominated by Foreign entities few years ago, the growth of Rupay is a relief. Also what guarantee is there that Mastercard and Visa wont pull a plug overnight like they did in Russia when war started ?
@AcchaBacchaKaun Few correction, Visa/mastercard is US govt backed private company.
I will tell my best, If you understand then good, otherwise I can't do anything.
Before 2008, Visa/Mastercard was not-for profit companies, similar to RuPay & UPI.
Back then, Visa/Mastercard used to work for public goods all over the world.
And who provides the money at that time? US taxpayers.
In the 1980s, when Visa/Mastercard arrived, they used to say that they were working for public goods. Visa/Mastercard is your company. We will bring investment to your country, provide jobs, don't worry about data storage, we will keep it on our US servers, we will bear all the expenses, provide full support and incentives to banks etc.
Except China, all countries thought this was good and allowed Visa/Mastercard.
And at that time, all these funds were provided by the US taxpayer. In 2008, when the US govt changed Visa/Mastercard from a not-for-profit company to a for-profit company, then all the countries understood, were shocked, and Visa/Mastercard introduced many more types of transaction fees.
"And people don't understand this, that if Visa/Mastercard didn't receive support from the US govt and US taxpayers, it wouldn't have reached where it is today."
Now even RuPay & UPI are doing the same. They are copying and pasting the entire Visa/Mastercard business model.
@Indian_phoenix Yes, those who don't understand the RuPay & UPI business model, just understand this: you guys are sitting in a time machine and witnessing the early days of Visa/Mastercard.
Don't forget, RuPay & UPI are private companies. They are not govt companies. Just wait for the time when the Indian govt says that RuPay & UPI are now for-profit companies. But it will take many decades for that to happen.
@AcchaBacchaKaun Here's a bonus point for you. If you think that the US government doesn't control Visa/Mastercard, just a few years ago something happened. The Indonesian government said that Visa/Mastercard would settle transactions through our domestic card network and discussed data localization. Exactly one week later, Donald Trump, the US President at the time, rushed to Indonesia and reversed the law for transaction settlement on the domestic network, reversed the data localization law, and hinted at a little investment in Indonesia. Now think, if the US government didn't control Visa/Mastercard, what was the need for the US President to do all this ? 😀
Remember, payment networks are not just normal private companies. They control the currency of the country, which is why the US govt, Indian govt, Chinese govt, Russian govt, Japanese govt, etc., all keep their private payment network companies under their control. Despite being private, they continue to receive taxpayers' money. When launching in other countries, govts involve themselves because you can control another country's currency through your own country's payment network and strengthen the value of your own country's currency.
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