Prime Minister Narendra Modi and other officials promote use of domestic card, US company says
New Delhi — Visa has complained to the US government that India’s “informal and formal” promotion of domestic payments rival RuPay hurts the US giant in a big market, memos seen by Reuters show.
Mastercard has raised similar concerns privately with the USTR. Reuters reported in 2018 that the company had lodged a protest 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.
Finance minister Nirmala Sitharaman said in 2020 that “RuPay is the only card” banks should promote. The government has also promoted a RuPay-based card for public transportation payments.
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