Visa and Mastercard were forced to complain to the US government that India's “informal and formal” backing of the domestic payment rival RuPay had the US giants bleeding in an extremely key market.
Publicly, Visa downplayed concerns about the rise of RuPay, which had been backed by the Indian Prime Minister, who compared the use of the domestic cards akin to national service. But memos published by Reuters reveal otherwise.
Mastercard Inc has also raised such concerns privately with the US Trade Representative (USTR). Reuters reported in 2018 that the company complained and filed a protest with the USTR all the while Indian PM was using nationalism to promote the local network alternative.
In May, CEO Alfred Kelly publicly stated that for many years there was "a lot of concern" that the likes of RuPay could be "potentially problematic" for Visa, but stressed that his company is still retained the market lead in India.
“That’s going to be something we’re going to conti...
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