Fight between Mastercard VS RuPay cards

Fight between Mastercard VS RuPay cards

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Deal Lieutenant
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Fight between Mastercard VS RuPay cards:

Mastercard lodged US protest over Narendra Modi’s promotion of Indian card network RuPay

Mastercard told the United States government in June that Indian Prime Minister Narendra Modi was using nationalism to promote the use of a domestic payments network, and New Delhi’s protectionist policies were hurting foreign payment companies, a document seen by Reuters showed.

Modi has in recent years backed India’s homegrown payments network “RuPay”, whose rise has broken the dominance of U.S. payment giants such as Mastercard and Visa. More than half of India’s 1 billion debit and credit cards now go through the RuPay payment system, and that means companies such as Mastercard face an uphill task to expand rapidly in one of the world’s biggest payments growth markets.

Modi has publicly endorsed the indigenous card payment network, saying using RuPay was like serving the country as its transaction fee stays within India and could help build roads, schools and hospitals.

In a written reference to Modi’s stance, Mastercard told the Office of the Office of the United States Trade Representative (USTR) on June 21 that the prime minister “associated the use of RuPay cards with nationalism, claiming it serves as ‘kind of national service’.”

The note, which was sent by a Mastercard Vice President for Global Public Policy, Sahra English, said that, while Modi’s digital payments push was “commendable”, the Indian government had adopted “a series of protectionist measures” to the detriment of global companies.

U.S. companies in India have been increasingly battling Modi’s policies they perceive to be protectionist. This year, U.S. technology companies have protested against an Indian law that would require them to store more data locally, raising their costs.

The previously unreported note, which was seen by Reuters, shows the extent to which Modi’s support for RuPay frustrated the Purchase, New York-based company, which is the world’s second-largest payments processor.

“Increasing rhetoric from the prime minister and government mandates on promotion and preference for RuPay … continues to create market access issues for U.S. payments technology companies,” Mastercard said in the note.

“The Indian government’s preferential treatment of RuPay coupled with fallacies on pricing must be discontinued,” the company asked the U.S. government to propose.

In response to Reuters queries, Mastercard said in a statement it “fully supports” the Indian government’s initiatives and is “deeply invested” in the country. The company did not comment on its USTR note and its executive Sahra English did not respond to questions.

The USTR did not respond to a request for comment and it was not clear whether the U.S. agency raised Mastercard’s concerns with New Delhi. Visa did not respond to Reuters queries.

There was no response to requests for comment from Modi’s office.

Mastercard, whose president and chief executive is India-born Ajay Banga, has a planned investment outlay of $1 billion in its key Indian market for 2014-2019. With 2,000 people, India accounts for 14 percent of the global Mastercard workforce, the largest outside the United States.

The company recruited a Bollywood actor this year for a campaign aimed at encouraging consumers in smaller cities to use debit cards more regularly as it seeks to grow in India.

DIGITAL BOOST

In November 2016, Modi started promoting the use of digital payments after replacing high-value currency notes in an attempt to crack down on the black economy.

That increased card usage: Indians in August clocked transactions worth $51 billion on debit and credit cards, nearly double the amount recorded in November 2016, according to data from the central bank, which does not provide separate usage statistics comparing Indian and foreign payment networks.

Foreign card companies have also had to contend with a growing use of mobile wallets and state-backed digital money transfer services, some of which Modi promoted.

RuPay received a major boost due to Modi’s so-called financial inclusion programme launched in 2014, which meant that all Indians opening a bank account for the first time were offered a RuPay card, not a Mastercard or Visa.

The Indian card network was developed by the National Payments Corporation of India (NPCI), a group largely owned by state banks but which also counts private and foreign banks among its shareholders. It also oversees the payments services in India.

In its note to the USTR, Mastercard said the government had mandated banks to support the NPCI directly and indirectly, making it the “sole beneficiary” of Modi’s financial inclusion programme.

The NPCI acted both as “a quasi-regulator and a competing payment network”, Mastercard said, adding that this was “compounded by the government’s open preference for RuPay with misleading statements and inaccurate information on pricing, despite Mastercard being priced lower than RuPay”.

Pricing refers to the fee paid by banks to payment processors such as Mastercard for card transactions. The company did not detail which specific statements it was referring to.

The chief executive of the NPCI, Dilip Asbe, did not respond to a request for comment.

At one point, RuPay levied a transaction fee which was half of that charged by Mastercard and Visa, one industry source said, but the U.S. card companies reduced charges in recent months. The pricing and charges are not publicly available.

Modi in June said foreign card companies take their transaction fees abroad and as “everyone cannot go to the border to protect the country, we can use RuPay card to serve the nation”.

A month later, Mastercard issued a press statement which said the company gets only 15-20 percent of debit card transaction fees, while the rest stays “within the Indian economy”. It did not name RuPay.

16 Comments  |  
9 Dimers
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Tech Guru
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Hmm time to invade India…

But they might like it too much..

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Deal Subedar
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its time to change another debit card to rupay too smile

Boycott visa/mastercards or reduce the use of ATM , please use UPI if possible.

offtopic:
Already UPI is hurting visa/mastercard a big headache as it dont have any fees.

samething happened in china – UnionPAY (same like Rupay in india) , already Visa/mastercard lost the big population no 1 country china, now they’re in fear of losing no 2 populous country, hope they will lose it soon too.

HDFC/icici and other private banks have some aggrement with visa or mastercard they need 3 to 4 years for closing their agreement, so after 3-4 years all banks in india will use Rupay cards ONLY and they will force users to replace, will result in complete wipe out of visa/mastercard (only international tourist/business people need visa/mastercard in near future)

Missing
Deal Lieutenant
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desibuddy wrote:

its time to change another debit card to rupay too smile

Boycott visa/mastercards or reduce the use of ATM , please use UPI if possible.

offtopic:
Already UPI is hurting visa/mastercard a big headache as it dont have any fees.

samething happened in china – UnionPAY (same like Rupay in india) , already Visa/mastercard lost the big population no 1 country china, now they’re in fear of losing no 2 populous country, hope they will lose it soon too.

HDFC/icici and other private banks have some aggrement with visa or mastercard they need 3 to 4 years for closing their agreement, so after 3-4 years all banks in india will use Rupay cards ONLY and they will force users to replace, will result in complete wipe out of visa/mastercard (only international tourist/business people need visa/mastercard in near future)

But Amazon Flipkart exclude exclude rupay card for the discounts.
Bdw companies are now bearing the transaction charges that’s why many people using it .the day they ll start charging how many ll transact online let’s see.

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Deal Lieutenant
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desibuddy wrote:

its time to change another debit card to rupay too smile

Boycott visa/mastercards or reduce the use of ATM , please use UPI if possible.

offtopic:
Already UPI is hurting visa/mastercard a big headache as it dont have any fees.

samething happened in china – UnionPAY (same like Rupay in india) , already Visa/mastercard lost the big population no 1 country china, now they’re in fear of losing no 2 populous country, hope they will lose it soon too.

HDFC/icici and other private banks have some aggrement with visa or mastercard they need 3 to 4 years for closing their agreement, so after 3-4 years all banks in india will use Rupay cards ONLY and they will force users to replace, will result in complete wipe out of visa/mastercard (only international tourist/business people need visa/mastercard in near future)

yes, keep using RuPay cards.

China’s UnionPay grab more than 90% market share in china.
China’s UnionPay Global card also largest card network in worldwide.

Recently China’s UnionPay Global card also enter in USA.
More than 180+ countries Bank issue China’s UnionPay card.

All countries home-grown card network like Japan’s JCB card, Brazil’s ECO card, south korea’s BC card, singapore’s NETS card etc support All websites in their country.

but here PayPal, Netflix, Google, Apple still not support RuPay card.

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Deal Lieutenant
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Expand
Simbha3 wrote:

But Amazon Flipkart exclude exclude rupay card for the discounts.
Bdw companies are now bearing the transaction charges that’s why many people using it .the day they ll start charging how many ll transact online let’s see.

yup, its depend on banks only SBI & ICICI exclude RuPay cards on Amazon/Flipkart offers.

HDFC, AXIS etc banks RuPay cards working on Amazon/Flipkart offers.

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Deal Lieutenant
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Mastercard VS RuPay card War still going on twitter

from yesterday many users apply for RuPay cards smile

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Deal Cadet
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13

American companies are like kids. Always crying,, modi did this ,he did that..trump was also making huge fuss about harley davidson tarrif…but they know how many they sell here? stuck_out_tongue

Index
Deal Subedar
597
1991
31

That’s why only Mastercards & Visa cards has increased there advertisements on tv stuck_out_tongue_winking_eye to lure in more Indians, but using Rupay cards is much better option for every one & country too… Very less processing charges in comparison to Visa & MasterCard

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Gargsaab wrote:

That’s why only Mastercards & Visa cards has increased there advertisements on tv stuck_out_tongue_winking_eye to lure in more Indians, but using Rupay cards is much better option for every one & country too… Very less processing charges in comparison to Visa & MasterCard

yes, now RuPay Cards are also accepted at 97% of all PoS terminals in India.

RuPay has partnered 39 PoS Acquiring Banks in India to accept their cards at PoS terminals located at different merchant locations.

but many restaurant, school/university, ticket counter person still dnt knw their POS machine now support RuPay cards.

they reject RuPay cards. just force them to swap your RuPay card & yes also update their POS software.

i saw today some people’s are tweeted that RuPay card not accept on Amazon India, they told every one dnt use RuPay cards because Amazon india not accept RuPay cards rolleyes

when i ask him when you use your RuPay card on Amazon? he told me 3 years ago rage

Indian people’s are live in Bronze Age. they are not updated time to time.

Bank staff’s reject to issue RuPay cards & give some stupid reasons RuPay card only for PMJDY account users or RuPay card not work on online transaction etc.

Missing
Deal Subedar
268
1186
16
desibuddy wrote:

its time to change another debit card to rupay too smile

Boycott visa/mastercards or reduce the use of ATM , please use UPI if possible.

offtopic:
Already UPI is hurting visa/mastercard a big headache as it dont have any fees.

samething happened in china – UnionPAY (same like Rupay in india) , already Visa/mastercard lost the big population no 1 country china, now they’re in fear of losing no 2 populous country, hope they will lose it soon too.

HDFC/icici and other private banks have some aggrement with visa or mastercard they need 3 to 4 years for closing their agreement, so after 3-4 years all banks in india will use Rupay cards ONLY and they will force users to replace, will result in complete wipe out of visa/mastercard (only international tourist/business people need visa/mastercard in near future)

Why stop at MC, VISA, AE & why not include Paytm, Alipay etc. China after all is a bigger threat to India, not to mention our perennial enemy.

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Deal Subedar
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planned to get new account opening in DCB bank with rupay card, as they pay 1.6 % REAL cash NOT POINTS, so planned to use that card for all monthly expenses.

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Deal Lieutenant
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desibuddy wrote:

planned to get new account opening in DCB bank with rupay card, as they pay 1.6 % REAL cash NOT POINTS, so planned to use that card for all monthly expenses.

flushed

Full details ??

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Deal Newbie
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desibuddy wrote:

planned to get new account opening in DCB bank with rupay card, as they pay 1.6 % REAL cash NOT POINTS, so planned to use that card for all monthly expenses.

I’ve DCB visa platinum card with my elite acc, are they issuing rupay too?

Missing
Deal Lieutenant
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the future in India is not even Rupay. It is for UPI based virtual credit card. Already some variant is available. ICICI has jumped into the flow and made a invite-only limited soft launch through pockets. I am sure other banks will also follow in.
let’s all promote UPI based digital credit cards. Its free of cost and do not even need a physical PoS.

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panchabhut wrote:

the future in India is not even Rupay. It is for UPI based virtual credit card. Already some variant is available. ICICI has jumped into the flow and made a invite-only limited soft launch through pockets. I am sure other banks will also follow in.
let’s all promote UPI based digital credit cards. Its free of cost and do not even need a physical PoS.

Yes, All Banks should launch UPI based virtual credit card.

also UPI based virtual credit card use on physical merchants payment through Bharat QR/UPI QR.

Missing