Technology

India OKs $170-million plan to promote RuPay debit cards, rivaling Visa, Mastercard

India OKs $170-million plan to promote RuPay debit cards, rivaling Visa, Mastercard

India on Wednesday approved a 13-billion-rupee ($170 million) plan to promote domestic RuPay debit cards and low-value digital transactions to boost their use in marginalised populations, in a move that could challenge the clout of rivals like Visa and Mastercard. Under the plan, the government will pay banks a percentage of the value of transactions done via RuPay debit cards and low-value direct interbank transactions for a year.

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