I think that was true earlier even though there were smaller players like JCB, Discover etc. But now Mastercard and Visa are facing stiff competition in India a

I think that was true earlier even though there were smaller players like JCB, Discover etc. But now Mastercard and Visa are facing stiff competition in India and China, where they've already been crowded out by the local players: https://digital.hbs.edu/platform-digit/submission/visa-and-mastercard-are-losing-fast-to-indian-alternatives/ https://digital.hbs.edu/platform-digit/submission/visa-and-m...