Bigger India
Upstarts Are Swiping Business From Visa and Mastercard in India
India’s payments system was alone among more than 40 countries tracked by Fidelity National to gain a top score of five for innovation and customer value.
Global card companies like Visa Inc. and Mastercard Inc. are losing market share to upstarts in the world’s most innovative payments market: India.
Transactions through India’s homegrown Unified Payments Interface — which allows mobile apps run by retailers, airlines and other firms to take payment directly from bank accounts — reached almost half the value of debit and credit cards swiped at stores last month, central bank data show.