Hard for Visa, MasterCard to challenge FM Sitharaman's RuPay push

Though difficult to compete with RuPay, these firms can remain relevant in India's hugely underpenetrated market, say experts

Visa and MasterCard may find it hard to contest the finance minister’s verbal instruction to banks to focus on RuPay cards floated by the National Payments Corporation of India (NPCI) in lieu of others, but there is still a lot of ground for everyone to cover in furthering digital banking.  

During the annual general meeting of the Indian Bank’s Association on Tuesday, Finance Minister Nirmala Sitharaman said banks should promote RuPay cards, and issue those as the first option.  

“Whoever needs a card, RuPay will be the only card you would promote and I would not think it is necessary