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How India’s MASTERSTROKE with Rupay is killing VISA and is changing India? : Business Case Study
On 15th of August 2014, the govt of India made a revolutionary announcement about the Pradhan mantri Jan Dhan Yogna, and this gave rise to an iconic venture by the National Payments Corporation of India.This venture that I am talking about is none other than India’s own card network Rupay. and Rupay has taken such big strides in the Indian payment industry that in 2013, RuPay accounted for only 0.6% of all cards but in just 4 years, by June 2017, Rupay had already surpassed Visa as India’s largest payment card with 375 Million transaction and by 2020 it already commanded a market share of 60% in the India’s card market!!This put VISA under such a big threat that it approached the US govt to help them stand against Rupay!! So the question, in just 6 years, How did Rupay kill the billion dollar Duopoly of Visa and Mastercard in India?What is the govt’s strategy and intent behind this revolutionary intitiative?and most importantly, as citizens of India, how is this going affect lives of the people of India?