• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Wednesday, February 1, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Atal Ji Modi Ji ChatGPT

    ChatGPT’s Exclusive: A Conversation between Atal Bihari Vajpayee and Narendra Modi

    Govinda congress

    When Govinda started literally pleading in front of Sonia Gandhi

    Akhilesh Yadav

    Presenting to you the ‘Rahul Gandhi’ of Uttar Pradesh

    Hindu hating DMK openly accepts Mandir breaking spree on their shoulders

    Hindu hating DMK openly accepts Mandir breaking spree on their shoulders

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    The Budget 2023 Paradox: Examining Data Discrepancies

    The Budget 2023 Paradox: Examining Data Discrepancies

    Bata is not an Indian company but is more Indian than most Indian companies

    Bata is not an Indian company but is more Indian than most Indian companies

    Indian fintech sector

    The rise and rise of India’s fintech sector

    Zomato Instant

    Zomato is using every trick in the book to stay relevant

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Defence budget India

    Modernization of Indian defence: Right trajectory but low velocity

    AK-203 rifles

    Amethi has started producing the dreaded AK 203 for India and the world

    HELINA and VSHROD

    Amidst build up on China and Pakistan border India gets HELINA and VSHROD

    K9-Vajra

    K9 VAJRA: The Made in India weapon that China fears

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Fiji China

    Fiji Joins Anti-China Alignment, Dwindling China’s Indo-Pacific Influence

    Gulf nations India

    Even Pakistan’s Arabian masters are fed up with their pep talks on Kashmir

    Mongla Port

    Mongla Port is the new battleground for India and China

    Indus Water Treaty: India has set the timer on the balkanisation of Pakistan

    Indus Water Treaty: India has set the timer on the balkanisation of Pakistan

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Bhagwan Vishnu Bhavishya Badri

    Is Bhagwan Vishnu leaving Badrinath and shifting to Bhavishya Badri?

    Banjara community

    Banjaras are Sanatani and everything else about them is cropped up

    The Netaji Savarkar Meeting

    The Netaji-Savarkar Summit: A Spark for India’s Path to Sovereignty

    The untold story of Swami Pranavananda

    The untold story of Swami Pranavananda

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Anurag Kashyap

    Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

    Govinda congress

    When Govinda started literally pleading in front of Sonia Gandhi

    Preity Zinta

    Preity Zinta – The woman who stood up to the underworld, but paid a heavy price for it

    IVF Treatment

    Is IVF Treatment Painful? What to Expect

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Atal Ji Modi Ji ChatGPT

    ChatGPT’s Exclusive: A Conversation between Atal Bihari Vajpayee and Narendra Modi

    Govinda congress

    When Govinda started literally pleading in front of Sonia Gandhi

    Akhilesh Yadav

    Presenting to you the ‘Rahul Gandhi’ of Uttar Pradesh

    Hindu hating DMK openly accepts Mandir breaking spree on their shoulders

    Hindu hating DMK openly accepts Mandir breaking spree on their shoulders

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    The Budget 2023 Paradox: Examining Data Discrepancies

    The Budget 2023 Paradox: Examining Data Discrepancies

    Bata is not an Indian company but is more Indian than most Indian companies

    Bata is not an Indian company but is more Indian than most Indian companies

    Indian fintech sector

    The rise and rise of India’s fintech sector

    Zomato Instant

    Zomato is using every trick in the book to stay relevant

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Defence budget India

    Modernization of Indian defence: Right trajectory but low velocity

    AK-203 rifles

    Amethi has started producing the dreaded AK 203 for India and the world

    HELINA and VSHROD

    Amidst build up on China and Pakistan border India gets HELINA and VSHROD

    K9-Vajra

    K9 VAJRA: The Made in India weapon that China fears

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Fiji China

    Fiji Joins Anti-China Alignment, Dwindling China’s Indo-Pacific Influence

    Gulf nations India

    Even Pakistan’s Arabian masters are fed up with their pep talks on Kashmir

    Mongla Port

    Mongla Port is the new battleground for India and China

    Indus Water Treaty: India has set the timer on the balkanisation of Pakistan

    Indus Water Treaty: India has set the timer on the balkanisation of Pakistan

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Bhagwan Vishnu Bhavishya Badri

    Is Bhagwan Vishnu leaving Badrinath and shifting to Bhavishya Badri?

    Banjara community

    Banjaras are Sanatani and everything else about them is cropped up

    The Netaji Savarkar Meeting

    The Netaji-Savarkar Summit: A Spark for India’s Path to Sovereignty

    The untold story of Swami Pranavananda

    The untold story of Swami Pranavananda

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Anurag Kashyap

    Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

    Govinda congress

    When Govinda started literally pleading in front of Sonia Gandhi

    Preity Zinta

    Preity Zinta – The woman who stood up to the underworld, but paid a heavy price for it

    IVF Treatment

    Is IVF Treatment Painful? What to Expect

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » Business » After MasterCard, Visa cries hoarse as PM Modi puts his weight behind RuPay

After MasterCard, Visa cries hoarse as PM Modi puts his weight behind RuPay

TFIPOST News Desk
by TFIPOST News Desk
28 November 2021
in Business
1
Modi, economy, RuPay, Visa, MasterCard, India
3.8k
VIEWS
Share on FacebookShare on Twitter
  • The number of monthly digital payments in India are greater than that of the USA, China, and the UK, combined.
  • India, with its robust digital payments infrastructure, no longer needs foreign players like Visa, MasterCard, or American Express, which used to behave in a monopolistic manner.
  • The Indian government has asked the banks, consumers, and other stakeholders, to issue and use RuPay cards.

In the last few years, India has emerged as the undisputed global leader in digital payments. The number of monthly digital payments in India are greater than that of the next three – China, United States, United Kingdom – combined.

Given the fact India has a very robust digital payments infrastructure, the country no longer needs foreign players like Visa, MasterCard, or American Express, which used to behave in a monopolistic manner, earlier. These card payment players not only charged hefty fees to consumers, but also used to blackmail political establishments from time to time.

However, with the establishment of digital payments infrastructure, it is time for the Indian government to teach American MNCs a lesson, and it is doing exactly that.

The RBI has already imposed several restrictions which pushed American Express out of the Indian market, and stopped MasterCard from issuing new cards. Now Visa, the only American player that is still issuing new cards, has also started complaining about the Indian government prioritising RuPay cards.

Also read: PM Modi takes India’s RuPay to Saudi Arabia. A major win for an Indian technology and brand

Earlier, Visa put a brave face about the competition from RuPay cards (issued by National Payments Corporation of India, a PSU under Ministry of Finance), and said that the entry of a strong and technologically advanced public sector player does not hurt its business.

“That’s going to be something we’re going to continually deal with and have dealt with for years. So there’s nothing new there,” said Alfred Kelly, Visa executive.

But, now it has been revealed that at the same time, it was complaining with the United States Trade Representative (USTR) about the Indian government.

“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.

RuPay accounted for 63% of India’s 952 million debit and credit cards as of November 2020, according to the most recent regulatory data on the company, up from just 15% in 2017.

However, despite accounting for 63% of the market share in terms of number of cards, RuPay still has a low share in number of transactions. Visa and Mastercard remain dominant players in the number of transactions.

The Indian government, including Prime Minister Modi and Finance Minister Nirmala Sitharaman, have asked the banks, consumers and other stakeholders, to issue and use RuPay cards. And this is not going well for RuPay and Mastercard, which fear losing the Indian market altogether.

In the pre-Modi era, international digital transaction players like Visa and MasterCard were involved in monopolistic practices, as they were the sole players. They used to charge customers an outrageous processing fee, and made card payments an elite practice. The Modi government launched the country’s own digital payments system, and built infrastructure to encourage digital payments; today it is the world’s most successful payments infrastructure in the world.

Now, foreign companies will also be taxed, as per the tax laws of India. Till now, these companies were out of the tax net of the country, because they operated in India through offices in tax-haven countries like Singapore, and stored the data in jurisdictions of the United States and Ireland.

Also read: How RBI’s MasterCard ban is helping VISA, UPI and RuPay

Given the fact that these companies have ‘permanent establishment’ in the country, which means a physical presence through data servers, they will be taxed at 15% the tax rate for the companies which have invested in the country through their arms in countries like Singapore, with which India has tax treaties.

The regulations imposed in the last few years, and competition from Indian players, is forcing the players which used to behave in monopolistic manner, to indulge in ‘fair competition’.

Tags: BJPDigital EconomyIndiamastercardNarendra ModiRuPayVisa
Share324TweetSend
Previous Post

Piyush Goyal set to finish the last vestige of Nehruvian socialistic legacy in business

Next Post

The story of Hindustan Zinc Ltd: Anil Agrawal’s biggest success and Birla’s biggest regret

TFIPOST News Desk

TFIPOST News Desk

India’s most loved Right-Wing blog

Comments 1

  1. Avatar Aditya says:
    1 year ago

    Thanks for this post, I have applied for a Rupay card from my bank too. #VocalForLocal

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Atal Ji Modi Ji ChatGPT

ChatGPT’s Exclusive: A Conversation between Atal Bihari Vajpayee and Narendra Modi

31 January 2023
Anurag Kashyap

Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

31 January 2023
The Budget 2023 Paradox: Examining Data Discrepancies

The Budget 2023 Paradox: Examining Data Discrepancies

31 January 2023
Govinda congress

When Govinda started literally pleading in front of Sonia Gandhi

31 January 2023

Popular This Week

Preity Zinta
Cinema

Preity Zinta – The woman who stood up to the underworld, but paid a heavy price for it

by Paurush Gupta
30 January 2023
Jacinda Ardern ccp chinese donations
Asia Pacific

Jacinda Ardern is under probe for alleged links with CCP. That makes Kiwi politics completely Sinophilic

by Abhinav Singh
20 July 2020
Reality of Bageshwar Dham
Analysis

The Bageshwar Dham: The Reality of Dhirendra Krishna Shastri

by Tejasvi Malhotra
31 October 2022
Adani-Hindenburg row: Decoding the hidden agendas
Premium

Adani-Hindenburg row: Decoding the hidden agendas

by Abhishek Kumar Singh
29 January 2023
The untold story of Swami Pranavananda
History

The untold story of Swami Pranavananda

by Abhishek Kumar Singh
29 January 2023

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost