India dumping Visa and Mastercard as State-Owned Banks switch to RuPay

For the first time in their 30-year existence, Visa and MasterCard, the world's largest payment companies, are facing the heat in India.

For the first time in their 30-year existence, Visa and MasterCard, the world's largest payment companies, are facing the heat in India. Lending its weight behind the local card scheme, RuPay, the government has asked state-owned banks to issue RuPay debit cards to customers.

For banks, it's a mandate they will have to fulfil. Within the next six months they will have to offer the new debit card to existing customers, inform thousands of branches and submit progress report to the ministry every quarter.

For MNC payment firms, the stakes are high. Every year around Rs 80,000 crore worth of debit card spends happen in India, of which 5% are cross-border transactions. It's a market that's growing at close to 35% annually. Credit card transactions, growing at over 25%, are more than two times debit card spends.

economictimes.indiatimes.com... minals/articleshow/37736237.cms

www.businessinsider.in...

So all of the BRICS countries(i don't know about South Africa) is using their own domestic payment system
So i checked the National payment corporation of India website and found this

Lower cost and affordability :

Since the transaction processing will happen domestically, it would lead to lower cost of clearing and settlement for each transaction. This will make the transaction cost affordable and will drive usage of cards in the industry.

Customized product offering :

RuPay, being a domestic scheme is committed towards development of customized product and service offerings for Indian consumers.


Protection of information related to Indian consumers :

Transaction and customer data related to RuPay card transactions will reside in India.

Provide electronic product options to untapped/unexplored consumer segment :

There are under-penetrated/untapped consumers segments in rural areas that do not have access to banking and financial services. Right pricing of RuPay products would make the RuPay cards more economically feasible for banks to offer to their customers. In addition, relevant product variants would ensure that banks can target the hitherto untapped consumer segments.

Inter-operability between payment channels and products :

RuPay card is uniquely positioned to offer complete inter-operability between various payments channels and products. NPCI currently offers varied solutions across platforms including ATMs, mobile technology, cheques etc and is extremely well placed in nurturing RuPay cards across these platforms.

If shyt hits the fan tomorrow and we are sanctioned like Russia was, our money circulation can't be frozen in non-American banks using Indian payment system. Good going by the new government

What's in your wallet?

The scourge of dealing in plastic money is the same no matter what the brand name.

Your link doesn't work
a reply to: maddy21

Thanks

a reply to: catt3

fixed it ..

originally posted by: Aleister
What's in your wallet?

The scourge of dealing in plastic money is the same no matter what the brand name.

Basically this... and all stays the same as long as all call centers keep functioning properly.

Thanks for your cooperation.

a reply to: FraternitasSaturni

Most of the "call centres" are in Malaysia and other south eastern nations for a couple of years now , and not in India . India is no longer the hub of call centres

blog.linkedin.com...

Am I the only one that has a nagging suspicion certain BRIC countries may attempt to implement something like a cryptocurrency system here shortly?

It's a dream - at least.

a reply to: maddy21

Good for them. A handful of companies have a stranglehold on electronic payments.

Just not sure why the government is "ordering it"? When government requires something, often times it means that private enterprise is involved. Its a type of crony capitalism where private companies buy politicians then have them write a law ordering the masses to buy their product or service.

a reply to: lightedhype

originally posted by: lightedhype
Am I the only one that has a nagging suspicion certain BRIC countries may attempt to implement something like a cryptocurrency system here shortly?

It's a dream - at least.

More like a nightmare.

If you value freedom or privacy, the last thing we want to do is abandon cash.

We do not want a cashless monetary system which can be monitored and controlled by big brother.

If bitcoin is supposed to be "anti-establishment", why is the establishment endorsing it?

"scheme" is right, you'd think that with the NSA leaks people would be a little smarter about any country centralizing more information, especially on purchases and spending patterns.

socialism - it's whats for banking

BREAKING NEWS: India rejects rich evil empire for poor evil empire

Great success

originally posted by: maddy21
a reply to: FraternitasSaturni

Most of the "call centres" are in Malaysia and other south eastern nations for a couple of years now , and not in India . India is no longer the hub of call centres

blog.linkedin.com...

I suppose losing jobs is also more great news

I fear India is on the road to decline

a reply to: TritonTaranis

Your concern is touching , China is willing investing around $300billion in India and so is Japan and other European powers for large scale Industrial and Infrastructure projects begun by the new Indian govt. Things are looking up ..

This is what happens when you arrest a country`s diplomat in N.Y. and subject said diplomat to a strip search.