Mastercard lodged U.S. protest over Modi's promotion of Indian card network RuPay

[Butter Chicken]

NEW DELHI (Reuters) - Mastercard told the United States government in June that Prime Minister Narendra Modi was using nationalism to promote the use of domestic payments network RuPay, 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 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.

https://in.mobile.reuters.com/article/amp/idINKCN1N65IS

 

[lcafanboy]

NEW DELHI (Reuters) - Mastercard told the United States government in June that Prime Minister Narendra Modi was using nationalism to promote the use of domestic payments network RuPay, 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 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.

https://in.mobile.reuters.com/article/amp/idINKCN1N65IS

Indian government should make it mandatory to issue all debit cards from all Indian banks PSU and private both with Rupay as settlement company. Even maximum credit cards should be shifted to Rupay. Only if someone specifies he needs master or Visa card he/she should be issued master/visa debit card and for credit cards leave it to card issuer.

Also we should demand reciprocal access to Rupay in US and other European countries and all other countries. So it becomes international card company just like master and visa.

We also need alternative to international SWIFT code to save ourselves and our economy from sanctions.

 

[Illusive]

NEW DELHI (Reuters) - Mastercard told the United States government in June that Prime Minister Narendra Modi was using nationalism to promote the use of domestic payments network RuPay, 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 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.

https://in.mobile.reuters.com/article/amp/idINKCN1N65IS

Haha , what hypocrites. These folks are the worst protectonists who don't allow foreign brands to dominate their markets and here these guys have a problem if we want our own payment system in our country. I hope indian banks only issue rupay cards by default. Also paytm should work on something similar.

 

[Indx TechStyle]

It has little to do with nationalism.
Most of Indians using debit cards today hadn't access to it earlier. Jan Dhan initiative brought them to banks & they subscribed to government's sources for transactions.

 

[The Ultranationalist]

American companies crying over protectionist policies of other countries? Lol sounds like a joke.

 

[Anikastha]

Indian government should make it mandatory to issue all debit cards from all Indian banks PSU and private both with Rupay as settlement company. Even maximum credit cards should be shifted to Rupay. Only if someone specifies he needs master or Visa card he/she should be issued master/visa debit card and for credit cards leave it to card issuer.

Also we should demand reciprocal access to Rupay in US and other European countries and all other countries. So it becomes international card company just like master and visa.

We also need alternative to international SWIFT code to save ourselves and our economy from sanctions.

Problem with rupay is you can't transfer or shop amount more than 25k.
Dad used to pay my college fees using Visa card from UBI. This rupay isn't allowing more than 25k per day. WTF is this man.

 

[Pandeyji]

Problem with rupay is you can't transfer or shop amount more than 25k.
Dad used to pay my college fees using Visa card from UBI. This rupay isn't allowing more than 25k per day. WTF is this man.

Because bulk of the RuPay users are from poorer & less educated sections of society. The limit protect them against fraud & conmen

 

[The Last Stand]

It's simple enough.

We're the last big "emerging market" they can tap, because the Chinese, by copying or not, made sure the homeland is mostly supplied by their own goods and services. And they have a strangehold over Africa as well, which they will exploit as hard as they can in the future.

Wondered why Facebook offered their "Live Basics" here and made such a song and dance when the Govt. denied them?

There are parts of the world where people don't know any internet except Facebook. They don't want any competition.

 

[Advaidhya Tiwari]

Problem with rupay is you can't transfer or shop amount more than 25k.
Dad used to pay my college fees using Visa card from UBI. This rupay isn't allowing more than 25k per day. WTF is this man.

The debit limit depends on your account type. I have rupay card and the debit limit is 75k. I can always increase or decrease the limit by submitting a form to the bank. You too can increase the limit by telling your branch manager

 

[rrrajesh.yadav]

Problem with rupay is you can't transfer or shop amount more than 25k.
Dad used to pay my college fees using Visa card from UBI. This rupay isn't allowing more than 25k per day. WTF is this man.

25k is limit for rupay card... "Rupay platinum card" has limit of 50 k already .. Now a days mostly rupay platinum card is given to people

 

[Advaidhya Tiwari]

25k is limit for rupay card... "Rupay platinum card" has limit of 50 k already .. Now a days mostly rupay platinum card is given to people

You can increase the limit if you want. Also, if you ask to change your Visa/Mastercard to Rupay, then your original limit will remain that way. RuPay itself does not set your limit but bank does.

 

[Illusive]

You can increase the limit if you want. Also, if you ask to change your Visa/Mastercard to Rupay, then your original limit will remain that way. RuPay itself does not set your limit but bank does.

What benefits come from platinum rupay cards other than the increased limit.

 

[Advaidhya Tiwari]

What benefits come from platinum rupay cards other than the increased limit.

It has offers like life insurance, accident insurance, UPTO Rs 50 cash back per month on utility bill payment, airport lounge usage etc. Increased limit is not associated with Platinum cards. Ordinary Rupay cards can also have increased limits depending on your track record with the bank or your request.

PS: I have heard that few people have used airport lounge using PayTm payment bank's Rupay card and had meals in airport. I myself have not availed any of the facilities yet. I mostly use credit cards as 30-50 days of interest in FD is a bonus while using credit card.

 

[Coalmine]

I mostly use credit cards as 30-50 days of interest in FD is a bonus while using credit card.

How do you do this. Pay fd using credit card

 

[Advaidhya Tiwari]

How do you do this. Pay fd using credit card

Say, I have credit card which gets bill dated on 1st of every month. I have to pay the bill by 20th of every month for no penalty.

I use my credit card to buy somethings worth Rs 5000 on 5th of Novermber. Now, I have to repay the 5000 only on December 20th. Till then I need not pay my money to the credit card. This means I have 45 days of time. I can keep my 5000 in FD for this 45 days and earn interest on it at 6% pa or about 0.75% for 45 days. This becomes about 37.5 rupees.

If I had instead used my debit card, I would have to pay Rs 5000 straight away on 5th November itself and hence interest of Rs 37.5 earned for 45 days is a loss.

You can keep your money even in SB account as MOD (Multi-Option Deposit) or Flexi-deposit which will earn you FD interest while also acting as flexible account from which you can withdraw money without having to have the hassle of first closing the FD.

 

[Coalmine]

Say, I have credit card which gets bill dated on 1st of every month. I have to pay the bill by 20th of every month for no penalty.

I use my credit card to buy somethings worth Rs 5000 on 5th of Novermber. Now, I have to repay the 5000 only on December 20th. Till then I need not pay my money to the credit card. This means I have 45 days of time. I can keep my 5000 in FD for this 45 days and earn interest on it at 6% pa or about 0.75% for 45 days. This becomes about 37.5 rupees.

If I had instead used my debit card, I would have to pay Rs 5000 straight away on 5th November itself and hence interest of Rs 37.5 earned for 45 days is a loss.

You can keep your money even in SB account as MOD (Multi-Option Deposit) or Flexi-deposit which will earn you FD interest while also acting as flexible account from which you can withdraw money without having to have the hassle of first closing the FD.

How do you transfer credit card money to bank account money or how you pay fd using credit card.

 

[Advaidhya Tiwari]

How do you transfer credit card money to bank account money or how you pay fd using credit card.

I am saying using credit card OVER debit card gives additional interest. The best method is not to buy anything and that will save the money. If you are anyways, buying, buy with credit card is all I am saying, not about putting money in FD by credit card

 

[sorcerer]

It has little to do with nationalism.
Most of Indians using debit cards today hadn't access to it earlier. Jan Dhan initiative brought them to banks & they subscribed to government's sources for transactions.

That was the plan to break biggies.
Modi Used the number game to promote Rupay..among masses and new users which outdid the other cards.
The play ground is vast my friend..very vast
Remember how Jio started out in remote villages got the numbers and chucked the others out of the game...as the others were just concentrating on tier 1 and 2 segments.
plus
used nationalism to get the numbers..
Everything is fair in business and with pakis
Same game different players.

 

[Illusive]

That was the plan to break biggies.
Modi Used the number game to promote Rupay..among masses and new users which outdid the other cards.
The play ground is vast my friend..very vast
Remember how Jio started out in remote villages got the numbers and chucked the others out of the game...as the others were just concentrating on tier 1 and 2 segments.
plus
used nationalism to get the numbers..
Everything is fair in business and with pakis
Same game different players.

I guess you could say this visa masterstroke.........#badpuns :biggrin2:

 

[The Juggernaut]

India should try to popularize RuPay Card to Africa, Afganistan and other countries.
It can be a great thing. May be this become big. (It's already a big, if Mastercard lodged a protest.)
But India's own popular Payment scheme in World would do great thing.