Visa complains to U.S. govt about India backing for local rival RuPay

StreetInsider2021-11-29

NEW DELHI (Reuters) - Visa Inc has complained to the U.S. government that India's "informal and formal" promotion of domestic payments rival RuPay hurts the U.S. giant in a key market, memos seen by ...

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精彩评论

sharp1
2021-12-02
sharp1
like
ARIESan
2021-11-29
ARIESan
Big boys complaining
NeedMoneyPls
2021-11-29
NeedMoneyPls
Ofc will support own country company mahh. China ppl oso say will buy NIO and Xpeng over Tesla.
SSVC
2021-11-29
SSVC
Yup Appreciate your response and comments Thanks
- SSVC:
  [Strong][ShakeHands]
- Leongny:
  Ok
天财寻者
2021-11-29
天财寻者
What is Visa expecting US govt to do? Sanctions India becos they advocate support local solutions?
miaomee
2021-11-29
miaomee
Like n comment pls
- Leongny:
  Done

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Reuters reported in 2018 that the company had lodged a protest https://reut.rs/3cQA2La with the USTR that Modi was using nationalism to promote the local network.\n\"Visa remains concerned about India's informal and formal policies that appear to favour the business of National Payments Corporation of India\" (NPCI), the non-profit that runs RuPay, \"over other domestic and foreign electronic payments companies,\" said a USTR memo prepared for Tai ahead of the meeting.\nVisa, USTR, Modi's office and the NPCI did not respond to requests for comment.\nModi has promoted homegrown RuPay for years, posing a challenge to Visa and Mastercard in the fast-growing payments market. 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So there's nothing new there,\" he told an industry event.\n'NOT SO SUBTLE PRESSURE'\nModi, in a 2018 speech, portrayed the use of RuPay as patriotic, saying that since \"everyone cannot go to the border to protect the country, we can use RuPay card to serve the nation.\"\nWhen Visa raised its concerns during the USTR gathering on Aug. 9, it cited the Indian leader's \"speech where he basically called on India to use RuPay as a show of service to the country,\" according to an email U.S. officials exchanged on the meeting's readout.\nFinance Minister Nirmala Sitharaman said last year that \"RuPay is the only card\" banks should promote. The government has also promoted a RuPay-based card for public transportation payments.\nWhile RuPay dominates the number of cards in India, most transactions still go through Visa and Mastercard as most RuPay cards were simply issued by banks under Modi's financial inclusion programme, industry sources say.\nVisa told the U.S. government it was concerned India's \"push to use transit cards linked to RuPay\" and \"the not so subtle pressure on banks to issue\" RuPay cards, the USTR email showed.\nMastercard and Visa count India as a key growth market, but have been jolted by a 2018 central bank directive for them to store payments data \"only in India\" for \"unfettered supervisory access\".\nMastercard faces an indefinite ban on issuing new cards in India after the central bank said it was not complying with the 2018 rules. A USTR official privately called the Mastercard ban \"draconian\", Reuters reported in September.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":603775215,"gmtCreate":1638456947554,"gmtModify":1638456947554,"author":{"id":"3573785073067965","authorId":"3573785073067965","name":"sharp1","avatar":"https://static.tigerbbs.com/47e505f36b62b2a3c86142c277a65bcf","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603775215","repostId":2186632301,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":600651486,"gmtCreate":1638149671904,"gmtModify":1638149672100,"author":{"id":"4087545408973980","authorId":"4087545408973980","name":"ARIESan","avatar":"https://static.tigerbbs.com/ab7b9364a4791173d66fbb5fda8ef925","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Big boys&nbsp;complaining&nbsp;","listText":"Big boys&nbsp;complaining&nbsp;","text":"Big boys complaining","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600651486","repostId":2186632301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":600627833,"gmtCreate":1638149229480,"gmtModify":1638149229612,"author":{"id":"3577168442576973","authorId":"3577168442576973","name":"NeedMoneyPls","avatar":"https://static.tigerbbs.com/ae9445a785e57d1d8607eb2ae0dde618","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Ofc will support own country company mahh. China ppl oso say will buy NIO and Xpeng over Tesla.&nbsp;","listText":"Ofc will support own country company mahh. China ppl oso say will buy NIO and Xpeng over Tesla.&nbsp;","text":"Ofc will support own country company mahh. China ppl oso say will buy NIO and Xpeng over Tesla.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600627833","repostId":2186632301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":600622684,"gmtCreate":1638148959160,"gmtModify":1638148960082,"author":{"id":"3574906731000207","authorId":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Yup Appreciate your response and comments Thanks&nbsp;","listText":"Yup Appreciate your response and comments Thanks&nbsp;","text":"Yup Appreciate your response and comments Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/600622684","repostId":2186632301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6763884,"gmtCreate":1638149289314,"gmtModify":1638149289344,"authorId":3574906731000207,"author":{"id":3574906731000207,"authorId":3574906731000207,"name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":600622684,"type":1,"supId":6763826,"prevId":0,"content":"[Strong][ShakeHands]","text":"[Strong][ShakeHands]","html":"[Strong][ShakeHands]"},{"id":6763826,"gmtCreate":1638149075010,"gmtModify":1638149075042,"authorId":3573806944936951,"author":{"id":3573806944936951,"authorId":3573806944936951,"name":"Leongny","avatar":"https://static.tigerbbs.com/4bd616003d6a60238752edde650d3e2d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":600622684,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"},{"id":600628070,"gmtCreate":1638148751383,"gmtModify":1638150795360,"author":{"id":"3582251507094110","authorId":"3582251507094110","name":"天财寻者","avatar":"https://static.tigerbbs.com/0a116dd3fd41662cd330b47aee6b7082","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"What is Visa expecting US govt to do? Sanctions India becos they advocate support local solutions?&nbsp;","listText":"What is Visa expecting US govt to do? Sanctions India becos they advocate support local solutions?&nbsp;","text":"What is Visa expecting US govt to do? Sanctions India becos they advocate support local solutions?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600628070","repostId":2186632301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":600621533,"gmtCreate":1638148744534,"gmtModify":1638148744703,"author":{"id":"3569375896365334","authorId":"3569375896365334","name":"miaomee","avatar":"https://static.tigerbbs.com/fd309d5a46384576888494b61b0e5953","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like n comment pls","listText":"Like n comment pls","text":"Like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600621533","repostId":2186632301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6763829,"gmtCreate":1638149081769,"gmtModify":1638149081868,"authorId":3573806944936951,"author":{"id":3573806944936951,"authorId":3573806944936951,"name":"Leongny","avatar":"https://static.tigerbbs.com/4bd616003d6a60238752edde650d3e2d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":600621533,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":144,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2186632301"}