RuPay card and UPI popularity increases, Master card and Visa loses market share

Nov 09 2018 03:07 PM
RuPay card and UPI popularity increases, Master card and Visa loses market share

New Delhi: Recently, there was the news that payment gateway MasterCard has complained to the Trump government about the Indian Government due to the growing popularity and use of indigenous payment network Rupee (RuPay) of India. 

In the meantime, Finance Minister Arun Jaitley said on Thursday that the global payment gateway companies like MasterCard and Visa is losing market share due to indigenous Rupee Cards and Unified Payment Interface (UPI) . In a Facebook post on the second anniversary of demonetization , Jaitley said that the ban on banknotes has increased digital transactions.

Jaitley said, "Visa and MasterCard are losing their share in the Indian market today.In the total payment made by debit and credit card, the market share of indigenously developed UPI and Rupe cards has reached 65 per cent. It was started in 2016. It is paid between two mobile holders in real time, through which payment was made in October 2016 for 50 crores. Which rose to Rs 59,800 crore in September 2018.

In addition, the Indian National Payment Corporation (NPCI) introduced the Bhim App. It also works on the UPI and currently uses about 1.25 crore people. In September 2016, the transaction amount from Bhima Apes was Rs 2 crore, which increased to Rs 7,060 crore in September 2018. According to the figures of June 2017, Bhima's share in the total transactions from the UPA was 48 percent.

Prior to the ban, there was a transaction worth Rs 800 crore from Ruppe card. From this card swipe (through point of sale), till September 2018, the transaction increased to Rs. 5,730 crore. While the purchase of e-commerce sites from Ruppe card has increased from Rs 300 crore to Rs 2,700 crore.

Popular Stories
© 2016 News Track Live - ALL RIGHTS RESERVED