India bans Mastercard from issuing new cards in data storage row

[Satakarni_bali]

https://www.reuters.com/world/india/indias-reserve-bank-bans-mastercard-issuing-new-cards-india-2021-07-14/

[pakeer_saab]

16 minutes ago, Satakarni_bali said:

https://www.reuters.com/world/india/indias-reserve-bank-bans-mastercard-issuing-new-cards-india-2021-07-14/

well done India finally, those who don't follow rules need to be thrown out

[csrcsr]

on good thing is they are projecting and encouraging rupay to cut down visa and master monopoly

[jawaani_jaaneman]

It was Amex first, now MasterCard. 
 

Sovereignty is above everything. 

[JackSeal]

10 minutes ago, csrcsr said:

on good thing is they are projecting and encouraging rupay to cut down visa and master monopoly

Thanks to Manmohan and UPA govt for coming up with Rupay … 

[csrcsr]

33 minutes ago, jawaani_jaaneman said:

It was Amex first, now MasterCard. 
 

Sovereignty is above everything. 

Its best ann these card netwroks dont add any value just monopoly with issuers and acquirerers (banks) thats good thing initially theyr educed the interchange fee too

[csrcsr]

27 minutes ago, JackSeal said:

Thanks to Manmohan and UPA govt for coming up with Rupay … 

Also the legacy has been continued with UPI too

[jawaani_jaaneman]

15 minutes ago, csrcsr said:

Its best ann these card netwroks dont add any value just monopoly with issuers and acquirerers (banks) thats good thing initially theyr educed the interchange fee too

Initial states la India didn’t have the exposure to payment systems neither enough card users for private players and banks to invest billions into developing home grown systems. 
 

Things are changing with increased use of such Services and monopoly will cease to exist, in fact India will probably have a dozen such major players and hundreds of local players in the days to come.