Finance Minister Arun Jaitley said on Thursday that Mastercard and Visa were losing market share to domestic payments networks, months after Mastercard complained to the US government that Prime Minister Narendra Modi was using nationalism to promote a local rival. Jaitley spoke about the surging growth of RuPay and Unified Payment Interface (UPI), which allows swift inter-bank fund transfers, on the second anniversary of Modi's shock decision to replace high-value bank notes in a bid to flush out untaxed wealth. Modi has said when Indians use RuPay they were serving the ...
Mastercard, Visa losing market share to domestic payments networks: Jaitley
Visa declined to comment. Mastercard did not respond to an email seeking comment