Mastercard, Visa losing out to local players: Arun Jaitley

NEW DELHI: Finance minister Arun Jaitley mentioned on Thursday that global cost gateways like Mastercard and Visa are shedding marketplace share to indigenous RuPay card and UPI cost system.

In a Facebook post marking the second anniversary of demonetisation, the minister mentioned observe ban has greater virtual transactions.

"Today, Visa and Mastercard are losing market share in India to indigenously developed payment system of UPI and RuPay card whose share has reached 65 per cent of the payments done through debit and credit cards," Jaitley mentioned.

Unified Payment Interface (UPI) used to be introduced in 2016 involving real time payments between two sets of cellular holders.

Its transactions have grown from Rs 50 crore in October 2016 to Rs 59,800 crore in September 2018.

Besides, the Bharat Interface for Money (BHIM) app advanced by way of National Payments Corporation of India for quick cost transactions using UPI, is these days being used by 1.25 crore folks.

The price of BHIM transactions has gone up from Rs 2 crore in September 2016 to Rs 7,060 crore in September 2018. The share of BHIM transactions in overall UPI transactions is at about 48 according to cent in June 2017.

RuPay card transactions have greater from Rs 800 crore earlier than demonetisation to Rs five,730 crore in September 2018 for transaction via Point of Sale (PoS) . For e-commerce purchases, it has gone up from Rs 300 crore to Rs 2,700 crore.
Mastercard, Visa losing out to local players: Arun Jaitley Mastercard, Visa losing out to local players: Arun Jaitley Reviewed by Kailash on November 08, 2018 Rating: 5
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