A couple of days back Arun had sent this fantastic video that explains why RuPay cards and the indigenous payment gateway system is giving nightmares to VISA and Mastercard.
I read the news items with a lot of interest but couldn’t understand it very well. Do read EXCLUSIVE Visa complains to U.S. govt about India backing for local rival RuPay.
Some excerpts from the above article are telling –
“….Mastercard and Visa count India as a key growth market, but have been jolted by a 2018 central bank directive for them to store payments data “only in India” for “unfettered supervisory access”.
Note the use of the words payments data must be stored “only in India”… so all this while our financial data was going out of the country without our even knowing about it. All those who flayed the Modi Govt for data privacy must ideally apologise, but they won’t.
Another interesting excerpt – “When Visa raised its concerns during the USTR gathering on Aug. 9, it cited the Indian leader’s “speech where he basically called on India to use RuPay as a show of service to the country,” according to an email U.S. officials exchanged on the meeting’s readout.”
I can’t stop laughing ! Ofcourse Mr. Modi will ensure that Indians use RuPay cards because the data and money stays in India. I wonder if the POTUS will support non-American interests over American interests … why is India expected to NOT work in its interest ??
Do watch this video to understand the issue better –
Please continue ranting against Mr. Modi, its your birthright, but please switch to RuPay cards and BHIM :):).
Jai Hind. Sabse bada RuPayaaaaa 😁🇮🇳