Page 13 - Card Network News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The market share of RuPay cards is expected to improve soon as banks implement the recent Reserve Bank of India (RBI) directive, offering customers the option to choose card networks among Visa, Mastercard, or RuPay. The move, effective October 2024, aims to promote a domestic card, protect consumers, and accelerate RuPay's acceptance, potentially impacting card issuers' earnings due to lower fees and limited international acceptance.

The Reserve Bank of India (RBI) is set to transfer the right to choose a card network, such as Visa, Mastercard, American Express, Diners Club, or RuPay, from credit card issuers with portfolios larger than 1 million cards to credit card holders. This move could lead to a shift from a market where consumers are spoilt for choice to one where the market may be spoilt by choice. The decision was prompted by the need to allow consumers to use RuPay-linked credit cards, which have been augmented by its interoperability with UPI.

The global modern card issuing platform had $62 billion in fourth quarter total processing volume, up 33 percent year-over-year, and generated $119 million in fourth quarter net revenue. The...

Marqeta, Inc. , the global modern card issuing platform, today reported financial results for the fourth quarter and full year ended December 31, 2023. Total processing volume (TPV) was $62 billion for the quarter, representing a 33% year-over-year...

There are five card networks in India: Visa, Mastercard, RuPay, Diners Club, AmEx. The network in question has allegedly allowed businesses to make payments through intermediaries to entities that cannot accept card payments.