In 2014, India got its very own card payment network, Rupe. Visa and MasterCard together command 70-80% of the Indian credit card space. But flip to debit cards and you will see that it dominates 65% of the market. In another move that could affect the uptake of Rupe credit cards, RBI put forward a new draft rule that tells banks that they must let customers choose their bank partner. What's stopping customers from picking a choice for international transactions? Maybe people will even support Rupe if there is no threat of failure.
In today’s episode for 11th July 2023, we discuss how RBI’s new card network rule for banks may sway in favour of RuPay.
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