Visa says working hard to retain edge as National Payments Corporation of India (NPCI) enters the fray with RuPay.
Payments major Visa has conceded that the regulator-backed National Payments Corporation of India (NPCI) has an upper hand and that it will have to work hard to tide over the “biases”.
“NPCI definitely has a significant advantage right now. It is a regulator-backed firm and there are many government organizations which prefer to deal with them,” Uttam Nayak Visa country manager for India and South Asiatold news agency PTI.
“We recognise that challenge and we will continue to work with the partners to show our value,” he added.
NPCI, which has its genesis in the RBI and has been backed by all the leading banks, has already launched its card alternative called ” RuPay” which will compete directly with Visa’s existing offerings and an interbank mobile platform which already has 50 members.
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