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Mastercard, Visa losing market share to local rivals: Arun Jaitley

Speaking on the second anniversary of demonetization, Finance minister Arun Jaitley said on Thursday Mastercard and Visa were losing market share to domestic payments networks like Rupay card and Unified Payment Interface (UPI). Jaitley said in his Facebook post that UPI and RUPAY Card’s market shares have reached 65% of the payments done through debit and credit cards,” RuPay process payments between banks and merchants for purchases made with credit or debit cards, while UPI instantly transfers funds between two bank accounts linked to mobile phones. Jaitley said RuPay’s total transactions had leapt to Rs 8,430 crore as of September, from Rs 1,100 crore before demonetisation. Total transactions done using UPI had jumped to Rs 59,800 crore from Rs 50 crore in October 2016, around the time it was launched.

Read More at Livemint News date : 9 Nov 2018, Friday

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