Growing fast: An employee attends to customers inside a jewellery store in Mumbai. RuPay accounted for 63% of India’s 952 million debit and credit cards as of November 2020, posing a challenge to more established players. ― Bloomberg
NEW DELHI: Visa Inc has complained to the United States government that India’s “informal and formal” promotion of domestic payments rival RuPay hurts the US giant in a key market, memos seen by Reuters show.
In public, Visa has downplayed concerns about the rise of RuPay, which has been supported by public lobbying from prime minister Narendra Modi that has included likening the use of local cards to national service.
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