Visa Inc has complained to the US government against India’s RuPay preference. It says India’s “informal and formal” promotion of RuPay hurts Visa in a key market.
Visa Inc’s concerns
In public, Visa has downplayed concerns about the rise of RuPay, promoted by the Indian government. Visa raised concerns about a “level playing field” in India in a meeting held on August 9.
The meeting was between US Trade Representative (USTR) Katherine Tai and company executives. Meanwhile, Mastercard Inc has raised similar concerns privately with the USTR.
RuPay accounted for 63% of India’s 952 million debit and credit cards as of November.
