India’s payment push is cutting out Visa and Mastercard

Quick Summary:

As global regulators increase their scrutiny on Visa and Mastercard over merchant fees, India has chosen a different path: creating rival payment networks that are increasingly sidelining international card networks.

In August, the National Payments Corporation of India, which oversees both UPI and RuPay, directed banks to ensure RuPay cardholders receive the same rewards as other networks.

These transactions now represent 28% of all credit card volume in India, up from 10% last year, according to Bernstein.

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Article Details

Author / Journalist: Manish Singh

Category: Technology

Markets: United StatesIndia

Topics: Rupay Visa Fintech Mastercard TC

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-10 @ 06:24:58 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 526 words

Reading Time: 3 minutes read

Sentences: 27 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 25028639

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