Thursday, October 29, 2020
Home Government and Policy Modi using nationalism to promote RuPay, hurting business: Mastercard complains to US authorities

Modi using nationalism to promote RuPay, hurting business: Mastercard complains to US authorities

Narendra Modi urged people to use RuPay cards to make digital payments, saying that the transaction fees earned through the homegrown card network will benefit the country.

Financial services giant Mastercard has submitted a document to the US in June wherein it complained that Narendra Modi has been using ‘nationalism’ to promote the homegrown payment network ‘RuPay’. According to media reports, the report also states that New Delhi’s protectionist policies were hurting foreign payment companies. The report was accessed by Reuters.

Narendra Modi had launched the Rupay app, along with two other Indian mobile payment apps, namely, BHIM and SBI app, in an event called ‘Business, Innovation and Community Event’ in Singapore in May this year. Prime Minister Narendra Modi urged people to use RuPay cards to make digital payments, saying that the transaction fees earned through the homegrown card network will help in building roads, schools and hospitals for the poor.

The rise in the use of the RuPay network due to Modi’s backing in the recent years have broken the dominance of US payment giants such as Mastercard and Visa. More than half of India’s 1 billion debit and credit cards are reportedly using the RuPay payment system, making it a difficult task for companies like MasterCard to maintain its foothold in India, which is the world’s biggest growing payments markets.

The note, which was sent by a Mastercard Vice President for Global Public Policy, Sahra English to the United States Trade Representative (USTR) said that, while Modi’s digital payments push was ‘commendable,’ the Indian government had adopted ‘protectionist measures’ to promote their own payment channels.

“Increasing rhetoric from the prime minister and government mandates on promotion and preference for RuPay. It continues to create market access issues for US payments technology companies,” Mastercard said in the note and also urged the US government, “The Indian government’s preferential treatment of RuPay coupled with fallacies on pricing must be discontinued.”

The US companies in India have been increasingly protesting against Modi’s policies which they often allege are protectionist.

Earlier this year, the US technology companies have also protested against an Indian law that would require them to store more data locally, raising their costs.

Reuters has reported that Mastercard has said in a statement it “fully supports” the Indian government’s initiatives and is “deeply invested” in the country. The company did not comment on its USTR note and its executive Sahra English reportedly did not respond to questions.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Former PM of Malaysia goes from talking about women’s ‘secret place’ to inciting genocide for insulting Islam in single tweet thread: Read details

Mahathir Mohamad justified the attacks on French people by Islamist terrorist saying that mere boycott could not compensate the wrongs of France.

‘We are proud’: Terroristan admits hand in Pulwama attack, minister claims victory of people under leadership of Imran ‘Taliban’ Khan

"Humne Hindustan ko ghus ke maara", Pakistani minister Fawad Chaudhry described how Pakistan orchestrated Pulwama terror attack

After Nice, another Islamic terrorist shouting Allahu Akbar attacks France’s Avignon, guard at French embassy in Jeddah attacked too

Three attacks have been reported in a single day, Mayor of Nice in France asks people to unit against "Islamofascisim terrorist attack"

Mumbai police intensifies witch-hunt, now wants details that would give him almost unfettered access to the Republic TV newsroom: Read details

Mumbai police have demanded access to the newsroom of the channel including the contact details, addresses and login IDs of journalists.

Witch-hunt continues: Parambir Singh sues Goa Chronicle and RVS Mani, wants to know if portal made money by publishing interview ‘defaming him’

RV Subramani had said in Goa Chronicle that a corporate house was behind appointment of Param Bir SIngh as Mumbai police commissioner

Why is Europe locking down instead of copying globally famous Kerala model?

The state of Kerala, under the visionary leadership of health minister Shailaja “Teacher” has a solution to Covid-19. Why wouldn’t the world just copy the Kerala model?

Recently Popular

Chinese state-run channel shows the portrait of Prophet Muhammad, netizens ask if Muslim nations will boycott China

Arslan Hidayat, an Uyghur Rights Activist, took to Twitter shared a video of a Chinese TV series on Twitter in which it was depicted that an Arab ambassador visiting China during the rule of Tang dynasty gifts a portrait of the Prophet Muhammad to the Chinese emperor.

Charlie Hebdo mocks Turkish President Recep Erdogan in its latest cartoons, shows him lifting a skirt of woman wearing ‘hijab’

The front-page caricature of Wednesday's edition of Charlie Hebdo that was released online on Tuesday night depicts Erdogan in a white T-shirt and underpants, drinking a can of beer and lifting up the skirt of a woman wearing a hijab to reveal her naked bottom.

Watch: Pro-India accounts disrupt Pakistan’s anti-India online meeting on Zoom, play pro-Hindu and Indian nationalistic songs

Indic social media users caused embarrassment to Pakistani authorities and diplomats after they raided their online event on zoom

‘Modi, Modi’ slogans inside Pakistan National Assembly: Here is what happened

The name of PM Modi echoed on Monday as members of Pakistan's opposition members chanted 'Modi, Modi' slogans inside Pakistan National assembly

Nikita Tomar murder: Taufeeq was pressurising her to embrace Islam family alleges

On Monday, 21-year-old Nikita Tomar was shot to death in broad daylight outside the Aggarwal college in Ballabgarh, Faridabad

Nikita Tomar murder: Main accused Tauseef belongs to a family of influential Congress politicians from Nuh in Haryana

The prime accused Tauseef's grandfather, uncles and cousin brothers are all infuential Congress politicians from Haryana's Nuh
- Advertisement -

The Print columnist Zainab Sikander Siddiqui wants Charlie Hebdo to have the “guts” to mock the Holocaust if it wants to publish cartoons on...

Zainab Sikander Siddiqui ruled that Charlie Hebdo cartoons mocking other religions are not offensive, only cartoons on Islam are offensive

NBSA summons Zee News editor Sudhir Chaudhary for “divisive” report on the different types of Jihad, says it targets the Muslim community

NBSA asked Zee News Editor-in-chief Sudhir Chaudhary to appear for a hearing on November 26 via video conferencing

Former PM of Malaysia goes from talking about women’s ‘secret place’ to inciting genocide for insulting Islam in single tweet thread: Read details

Mahathir Mohamad justified the attacks on French people by Islamist terrorist saying that mere boycott could not compensate the wrongs of France.

AajTak, Zee News and others apologise after NBSA pulls up the channels for spreading fake news on Sushant Singh Rajput’s death

AajTak, Zee News and India TV air apology for its insensitive and sensationalised reporting of actor Sushant Singh Rajput’s death

India objects to Saudi Arabia over distorted map of India on new 20 Riyal banknote, asks to take urgent corrective steps

India registered objection over a distorted map showing Jammu and Kashmir separated from India in newly released 20 Riyal banknote

While Uddhav Thackeray govt stalled a development project to ‘save Aarey’, Shiv Sena-led BMC has now been fined for letting untreated sewage into the...

NGT has slapped Shiv Sena-led Brihanmumbai Municipal Corporation (BMC) a fine Rs 34 crore for letting untreated sewage into water

‘We are proud’: Terroristan admits hand in Pulwama attack, minister claims victory of people under leadership of Imran ‘Taliban’ Khan

"Humne Hindustan ko ghus ke maara", Pakistani minister Fawad Chaudhry described how Pakistan orchestrated Pulwama terror attack

After Nice, another Islamic terrorist shouting Allahu Akbar attacks France’s Avignon, guard at French embassy in Jeddah attacked too

Three attacks have been reported in a single day, Mayor of Nice in France asks people to unit against "Islamofascisim terrorist attack"

Mumbai police intensifies witch-hunt, now wants details that would give him almost unfettered access to the Republic TV newsroom: Read details

Mumbai police have demanded access to the newsroom of the channel including the contact details, addresses and login IDs of journalists.

Witch-hunt continues: Parambir Singh sues Goa Chronicle and RVS Mani, wants to know if portal made money by publishing interview ‘defaming him’

RV Subramani had said in Goa Chronicle that a corporate house was behind appointment of Param Bir SIngh as Mumbai police commissioner

Connect with us

245,563FansLike
471,172FollowersFollow
19,500SubscribersSubscribe