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India’s digital payments strategy is cutting out Visa and Mastercard
As global regulators increase their scrutiny on Visa and Mastercard over merchant fees, India has chosen a different path: creating rival payment networks India's rival payment networks -- UPI and RuPay -- are increasingly sidelining Visa and MasterCard.
Indian authorities are aggressively putting pieces together to further popularize the adoption of RuPay credit cards — something that many banks initially resisted as they expressed concerns about losing interconnect charges. The push is working: RuPay accounted for half of all new credit cards issued in India in the month of June 2024, according to a recent disclosure by a lawmaker in the parliament. Manish Singh is a senior reporter at TechCrunch, covering India’s startup scene and venture capital investments.
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