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TechCrunch
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India’s payment push is cutting out Visa and Mastercard
- India is creating rival payment networks that sideline international card networks like Visa and Mastercard.
- India's Unified Payments Interface (UPI) now represents 36% of consumer spending.
- India is reshaping its credit card market with its homegrown card network, RuPay.
- RuPay accounted for half of all new credit cards issued in India in June 2024.
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