- Mastercard has decided to abandon its Russian customers in the wake of the Ukraine-Russia crisis
- Indian RuPay needs to take up the place vacated by both these companies
- It will help to help India increase its already strong soft power image in Russia as well as all around the world
Every problem has an opportunity hidden in it. Russians are now facing a severe problem of being unable to use their debit and credit cards made by Mastercard, an American company. The time is opportune for PM Modi to introduce our RuPay to Russia.
Mastercard and Visa blocked Russian operation
Mastercard has announced that it has blocked its services to multiple Russian financial institutions. The move came in compliance with US sanctions on Russia over its invasion of Ukraine. Visa Inc., another American multinational card company has also announced the same.
RuPay has a chance to pitch in
The blocking of services by American financial companies has the potential to significantly impact Russians’ lives. Currently, out of 30 crore credit and debit cards in Russia, both companies control 21.6 crores of them.
Additionally, both companies control about 30 to 60 per cent of total retail payments in Russia. Russians are flocking to ATMs to withdraw as much cash as they can before their cards get disabled.
Read more: As Visa and Mastercard complain about the undue advantage to RuPay, Modi govt doubled down
In the wake of Russia’s abandonment by Mastercard and Visa, India has a significant opportunity to provide a goodwill gesture to the Soviet nation by offering our RuPay debit card services.
It will ensure that by the time both the aforementioned companies revoke the blocking, RuPay will have occupied a significant market share in the meantime.
RuPay’s journey over the years
RuPay has been slowly taking over the market share of multinational companies in India as well as abroad. RuPay cards came into existence in 2012, but could not make significant progress due to oligopolistic (a market in which few companies gang up to dominate others) trade practices by Mastercard, Visa and American Express.
Read more: How Desi RuPay defeated the global giants Mastercard and Visa
Since it was tough to snatch existing market share, RuPay made its first headwinds in the less high-profile section of India. Contributing significantly towards PM Modi’s Jan Dhan Yojana, it provided millions of cards to the Jan Dhan account holders on the back of its cheap services, much lower as compared to multinational card companies.
RuPay is accepted in 200+ countries
2017 was the year in which RuPay decided to become a major player in the Indian market. In the wake of the Indianisation of the modern economy, RuPay registered significant growth for the next three years and went on to occupy 60 per cent of India’s market share.
The rising popularity of RuPay cards in India prompted other nations to welcome it as well. In 2019, RuPay informed that it is now used by citizens of 195 countries. A few months later, PM Modi launchedRuPay in Saudi Arabia as well. Currently, it is accepted in 42.4 million POS locations and 1.90 million ATMs in more than 200 countries.
Created for Indian users, sellers and banks, #RuPay cards are now accepted in 195 countries across the globe. #OneLifeOneRuPay #IndiaIndependenceDay pic.twitter.com/jZx6ccEjdS
— ZeroLend (@RuPay_npci) August 15, 2019
Cards are means to gain soft power
India and Russia have mutually cordial relations. Unlike Ukraine, Russia has always stood up for Indian interests on the international stage. Citizens of both countries share mutual admiration as well. Russia would welcome India’s offers with open hands as it will not only help in bolstering the Russian economy but also in taking up a mutual friendship to the next level.
Read more: Russia-India ties are doing pretty well. Moscow just needs to tell its media to behave itself
We live in a world where soft power has to go hand in hand with conventional power. Nothing signifies soft power more than how it impacts someone’s daily life. Credit and Debit Cards are a sure shot means of soft power in the modern world. We should not lose this wonderful opportunity.
INDIA LAUNCH all NPCI PRODUCTS this is the time to LAUNCH RUSSIA. INDIA ALWAYS SUPPORT RUSSIA…..RUPAY , UPI,BHARATBILL PAY,BHIM ,IMPS AND MANY MORE INDIA HAVE…..
US suspends Mastercard and Visa in Russia.
On the surface it looks like a brilliant move to cripple financial transactions of Russia.
But scratch the surface and it will actually mean that US will weaponise its corporations on countries not on same page with them.
This is a mad man move and it’s not come from Trump but Biden.
Will it have impact on Russia?
Yes to some extent.
What effect it will have?
It will simply cripple Mastercard and Visa growth in future as many nations wouldn’t want to be hostage of US financial or corporate system.
China has Union Pay, Japan has JCBPay and India has Rupay.
India also has UPI which is out of this world payment system for money transfer inside India and I don’t think anything in the world is even half as good or cheap or reliable.
Its eighth wonder of the world.
How foresighted Modi is to implement Rupay and UPI knowing US will someday come to Loggerheads with all rising powers in the world.
UK is a poodle so it doesn’t count.
Japan rising was still almost a state where US controlled lot of reins.
Soviet Union collapsed and a lot of it due to CIA machinations.
So now China showed that it can rise and create a multipolar world and US can’t do much about it.
China created an entire parallel system which will allow it to survive a U.S. inflicted financial Holocaust.
It never allowed a Facebook, Twitter, Google, VISA etc to dictate its country’s running.
India should be a natural ally to US being a democracy and 90% Indians having a very favourable view of Americans inspite of some past CIA workings as Indians are pragmatic and understand that it’s interests which dictate foreign policy not friendships or shared system of governance.
But India also has aspirations to be a regional superpower and punch at its desired weight.
And that can only happen when you are Atmanirbhar.
We have done a lot of things which will make us immune to probable bad days when an AOC or Meena Harris or Kamala Harris or Robin Raphael kind becomes US president and would like to sanction India because Indians didn’t buy Pfizer vaccine or F35 etc.
We can be a US ally but we will never want to be a stooge or sell our sword.
Modi knows this. Hence even when there were no clouds, he purchased an umbrella.
That Umbrella is Rupay, UPI, parallel to SWIFT system, investing heavily in startup ecosystem, getting into hypersonic space missile club, moving into smartphone manufacturing hub etc.
These are systemic changes and augurs well because India did face vaccine raw material embargo from US when it was suffering the most.
It opened eyes of many Indians that good deed of us sending lots of help when US was suffering won’t be reciprocated if people like Meena Harris, Kamala, Ilhan, AOC, Biden who have inherent pathological hatred for India because of our religion and culture and refusing to be a lackey get into power.
India was also shamed for making one of the most humane laws known as CAA and this same cabal tried to attack India.
Then many western powers actually tried to weaponise Farmer protests and goaded Khalist@ni terr@rists who get protection in those lands to hijack the movement and make it an anti India semi Arab spring kind movement to undermine a democratically elected popular govt in India.
Same template which was used in Ukraine in 2014 to remove Yanukovich govt.
Unfortunately for them Modi is far more smarter, pragmatic and immensely popular to fall trap to F@rs Foundation and NGO led gauntlets.
India is abstaining because it knows it’s not India’s destiny to be a Geopolitical poodle.
India actually wanted good relations with even China but then Xi destroyed the entire well arranged Thali served by India with Mahabalipuram and Sabarmati river front as backdrop as a gesture of friendship by simply insisting it wants India to drink its bat soup to seal this friendship.
Ab sattvik India ko Bat soup nahi jamne wala..
Galwan and Doklam were metaphoric bat soups served to India followed by real one using a virus.