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 ...
