Reuters reveals Visa complains to U.S. govt about India backing for local rival RuPay - Reuters News Agency
Business & Finance

Reuters reveals Visa complains to U.S. govt about India backing for local rival RuPay

Reuters broke the news that 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. In public, Visa has downplayed concerns about the rise of RuPay, which has been supported by public lobbying from Prime Minister Narendra Modi that has included likening the use of local cards to national service. But U.S. government memos show Visa raised concerns about a “level playing field” in India during an Aug. 9 meeting between U.S. Trade Representative Katherine Tai and company executives, including CEO Alfred Kelly. 

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceEquitiesFinancial Services
Regions: Asia
Countries: India
Win Types: Speed
Media Types: Text
Customer Impact: Important Regional Story
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