Visa, Mastercard losing out to RuPay, UPI in India: Arun Jaitley
Finance Minister Arun Jaitley has said that Visa and Mastercard were losing market share to domestic payments networks RuPay and UPI. His statement comes after Mastercard reportedly told the US government that PM Narendra Modi was using nationalism to promote RuPay. Jaitley added that RuPay and UPI's "share have reached 65% of the payments done through debit and credit cards."