Visa Inc has complained to the U.S. government that India's 'informal and formal' promotion of domestic payments rival RuPay hurts the U.S. giant in a key market, memos seen by Reuters show.
"Visa remains concerned about India's informal and formal policies that appear to favour the business of National Payments Corporation of India" , 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.
Publicly, Kelly said in May that for years there was "a lot of concern" that the likes of RuPay could be "potentially problematic" for Visa, but he stressed that his company remained India's market leader. When Visa raised its concerns during the USTR gathering on Aug. 9, it cited the Indian leader's "speech where he basically called on India to use RuPay as a show of service to the country," according to an email U.S. officials exchanged on the meeting's readout.
While RuPay dominates the number of cards in India, most transactions still go through Visa and Mastercard as most RuPay cards were simply issued by banks under Modi's financial inclusion programme, industry sources say.
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