3 ms·
great. this is why india is furiously pushing for "rupay" card system that they ingenuously developed rather than just lapping up whatever visa/mastercard offer
by 2Gkashmiri 5y ago
great. this is why india is furiously pushing for "rupay" card system that they ingenuously developed rather than just lapping up whatever visa/mastercard offer.
they can do 30/50% less fees than incumbent visa/MC and still operate in the ecosystem because all local gateways and tech stack has been built to incorporate Rupay card system same as visa/MC.
the end result is, suppose tomorrow USA orders visa to quit india, beyond a few hiccups, there is a good chance india can weather these american companies leaving the domestic ecosystem. that way, the indirect control USA has over the financial infrastructure of entire nations is reduced to a great extent.
seems russia has done the same so this is moot now but think of it this way.
visa/MC often cry to mommy USA about unfair advantage to rupay cards in india and the US tries to intervene. suppose india bans Visa tomorrow, why is the US government so inclined to intervene in that case? unless this is their way of maintaining a degree of control
- dddnzzz334 5y agoChina has UnionPay and Russia has MIR. Neither comes close to competing with VISA and MasterCard. The thing is that these cards only work domestically and are literally impossible to pay for things online (unless the payment processor specifically caters to your market). Unless RuPay can be used painlessly internationally, it won't be of much use.
- 2Gkashmiri 5y agoyes. my point exactly for these cards working domestically. you imagine if russia or china or india does not have their own cards what would happen "within" that country? their entire infrastructure would collapse if visa/MC decides to quit or are forced to. that is what these locals cards offer. a hedge against american rugpull.
- qb 5y agoI don't know about Mir, but UnionPay works just fine internationally in many places, especially in markets that cater(ed) to Chinese tourists many if not most merchants accept it. There's even UnionPay card-issuing banks outside Mainland China, for example in Thailand.
- lazyninja987 5y ago
- KptMarchewa 5y agoI don't agree with many of your statements, but I agree very hard with one thing. Every country needs to stop letting US tax all the transactions. Not because sanctions - if you act like North Korea you'll be treated like North Korea - but because it's just stupid policy.