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Small wonder Visa with its credit card leadership still dominates the Indian market with a whopping 44 percent market share of overall cards spends.Visa might be a global giant, but it will have to think local to survive and prosper. This is in sharp contrast to the US way of cruising ahead on debt where you buy now on credit and pay in the future. The lukewarm demand for credit cards has something to do with the Indian psyche - manage with what you have. To be sure, RuPay is the market leader in terms of overall card issuances, but lags behind in credit cards (just 9.7 lakh credit cards issued from a total of 60.36 crore. Visa, instead of turning to the US government for help, could learn to compete by slashing their MDR. This automatically makes credit card transactions costly. Their beef is RuPay, along with UPI (Aadhaar-linked Unified Payments Interface) comes under the Zero-MDR (merchant discount rate) norm by the Indian government, i.e., no fees can be levied on merchants for transactions on these networks.
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Don’t Visa and Mastercard ride piggyback on the booming ecommerce business in India by warming into the hearts of Amazon and Flipkart and private sector banks, the usage of whose cards at times beget customers a special discount and cashbacks?
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There was no way anyone could have stopped customers from welcoming new products, with RuPay cards offering free accident cover to the tune of Rs 1 lakh. India’s public sector banks still have a stranglehold on the banking business, and Prime Minister Narendra Modi’s PMJDY scheme in 2014 to promote banking among the unbanked strengthened this dominance, and exacerbated the feeling of discomfort for the US payment giants.
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In fact, the RBI and the government have made no bones about their leg up to RuPay. The ‘ Aatmanirbhar’ angle behind the government throwing its weight behind RuPay is undeniable. Maruti Suzuki's production volume declines 2% YoY to 1,52,029 units in December 2021
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Interview Series Business In The Week Ahead.