NEW DELHI : Finance minister Arun Jaitley said on Thursday that Mastercard and Visa were losing market share to domestic payments networks.
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 country as its transaction fees stay within India and could help build roads, schools and hospitals.
“Today Visa and Mastercard are losing market share in India to indigenously developed payment system of UPI and RUPAY Card, whose share have reached 65 percent of the payments done through debit and credit cards,” Jaitley said in a Facebook post about the various results of the note scrapping exercise, known as demonetisation.
