Future of rupay cc after visa and master cc enables upi?

[rockking1994]

Hi I would like to know everyone’s thoughts on the future of rupay cc after other card network jumps on cc upi bandwagon
( i think rbi is not playing fair here by not allowing competition and giving rupay a head start though it’s understandable to why its doing soo )

will we see a wave of people trying to switch to visa and master card network as seen with rupay when they enabled credit card upi as i was one of those people

If you won’t switch I would like know why you will stay with rupay network apart from made in india factory

Do you think the rewards will be low or smiliar to rupay offering or will they offer better rewards even though they won’t be getting much mdr

My views
I feel a lot of people will switch to other networks for better rewards including myself though
I like to keeps my cards diverse that is multiple banks + different card network providers so as to never miss an opportunity

Will love to hear from everyones thoughts on this

 

[AritraSaha]

Hi I would like to know everyone’s thoughts on the future of rupay cc after other card network jumps on cc upi bandwagon
( i think rbi is not playing fair here by not allowing competition and giving rupay a head start though it’s understandable to why its doing soo )

will we see a wave of people trying to switch to visa and master card network as seen with rupay when they enabled credit card upi as i was one of those people

If you won’t switch I would like know why you will stay with rupay network apart from made in india factory

Do you think the rewards will be low or smiliar to rupay offering or will they offer better rewards even though they won’t be getting much mdr

My views
I feel a lot of people will switch to other networks for better rewards including myself though
I like to keeps my cards diverse that is multiple banks + different card network providers so as to never miss an opportunity

Will love to hear from everyones thoughts on this

Will RBI & npci allowed the visa & MasterCard cc to work on UPI?

 

[rockking1994]

Will RBI & npci allowed the visa & MasterCard cc to work on UPI?

They will

 

[Rocky Bhai]

@Abhishek012 tumhare liye sawal aya hai 😂

 

[AritraSaha]

They will

From a business stand point it's don't make any sense to npci...

Npci have plans to put some changes in UPI.. in upcoming years..

Although I found some articles saying that RBI will allow visa and mc...

Let's see what happens..

 

[Abhishek012]

Will RBI & npci allowed the visa & MasterCard cc to work on UPI?

@Abhishek012 tumhare liye sawal aya hai 😂

People always ask the wrong question.

Question is not about "Will RBI & npci allowed the visa & MasterCard cc to work on UPI",
Real question is that "Will Visa & MasterCard cc allowed to link their card with UPI ?"

First you need to understand Credit card link UPI is just a marketing gimmick.

UPI has its own payment network and settlement system.

All credit card account linked with a master account.

For an example here suppose your master account number is - 9999999

Now your master account number linked with both Visa/master and UPI,

See this diagram - 🤣🤣 👇👇


Now when we use UPI payment, Acount directly debited from our credit card's master account. There is no link between Visa/mastercard credit card network and UPI.

See the orange box, there is no realtion with Visa/mastercard, when we use UPI. 👆👆

Aur jisko yeh mera diagram dekh k samjh nahi aaya aur puchega 👇👇

Uske liye. Leave it mai nahi samjha sakta.

So, if Visa/mastercard allow to link with UPI then they will lose more market share + revenue + other countries will also see. How to bypass visa/mastercard network.

Initially, nothing will happen but in long run, Visa/Mastercard will be hit hard, not only India but International market too.

RBI already in talks with many countries Central bank. RBI will told them see how we bypass visa/mastercard network and link with our UPI network. 🤣🤣

Now other countries central banks will see this as an opportunity, Whether those countries adopt UPI or not is another matter but they will get an idea how to bypass visa/mastercard network. 🤣🤣

 

[saucy]

Hi I would like to know everyone’s thoughts on the future of rupay cc after other card network jumps on cc upi bandwagon
( i think rbi is not playing fair here by not allowing competition and giving rupay a head start though it’s understandable to why its doing soo )

will we see a wave of people trying to switch to visa and master card network as seen with rupay when they enabled credit card upi as i was one of those people

If you won’t switch I would like know why you will stay with rupay network apart from made in india factory

Do you think the rewards will be low or smiliar to rupay offering or will they offer better rewards even though they won’t be getting much mdr

My views
I feel a lot of people will switch to other networks for better rewards including myself though
I like to keeps my cards diverse that is multiple banks + different card network providers so as to never miss an opportunity

Will love to hear from everyones thoughts on this

RBI protecting your indigenous org does not appear to me as an "unfair" move.

Rupay has in my knowledge, tieups with the likes of jcb, discover etc. As long as it provides even comparative services as visa/mc - i don't think there's any rationale behind switching.
Infact, given a choice, I'd rather choose and promote Rupay.

I'd love to know of such specific "benefits" that one may get over rupay - something which would have mass appeal.

 

[Abhishek012]

RBI protecting your indigenous org does not appear to me as an "unfair" move.

RBI never protecting RuPay or UPI.

"Credit on UPI" is not ready yet. It will take upto 2 years and then RBI will allow to link with other card networks but ofcourse visa/mastercard is not easily agree with it.

Banks are already in talks with Visa/mastercard to link with UPI but Visa/Mastercard is not yet agree

Read the article - Why Indian banks want US card networks like Visa and Mastercard to have a share of UPI pie -

Why Indian banks want US card networks like Visa and Mastercard to have a share of UPI pie

US card networks may get to tap small Indian retailers who otherwise cant afford them. On that hangs a tale of rivals putting profit before parochialism.

economictimes.indiatimes.com

Tieups with the likes of jcb, discover etc is different thing. Jcb, discover work on open business model.

They openly said work with discover global card network - https://www.discoverglobalnetwork.com/our-network/our-unique-network/

Build your network - create enhanced commerce experiences with Discover® Global Network, your payments network partner.​

Discover global card network said - Whether you’re a well-known regional brand or new in the market, we can help you expand your offerings, grow internationally and capture more potential sales.

Did you see somewhere that Visa and Mastercard said the same thing or Visa/mastercard's official website said the same thing ?

No because Visa and Mastercard is not want to help other card networks or UPI network to distroy their business.

If you still don't understand then try to understand it.

I will live in your house, I will do party every night, I will play music in loudspeaker but from day one I will tell you clearly that i will never give you rent and I will disturb you so much in your house that you will run away from your house.

What would you say to me ? Abhishek tu pagal hai kya ? (Abhishek are you crazy ?) You will say, why would i let you stay in my house rent free and one day you will get me out of my own house.

This is what visa/mastercard will do if they agree to link with UPI and UPI can't even pay rent here because UPI has its own payment network and settlement system.

 

[Survivor35]

interesting pointers but its true.

 

[DevD]

I think RBI will not allow foreign card processor like visa or mastercard to join this.

 

[Abhishek012]

I think RBI will not allow foreign card processor like visa or mastercard to join this.

RBI will 100% allow foreign card network to link with UPI, once "Credit on UPI" network will fully live within next 2 years.

Real question will be Visa & MasterCard cc allow to link their card with UPI or not ? because they will lose revenue, profit, market share and other countries central banks will see this as an opportunity, how to bypass visa/mastercard network.

Other developed and developing countries central banks will told visa/mastercard. If you have done it in India then do it here too.

Business doesn't work like that. RBI can't force visa/mastercard to link with UPI.

 

[Survivor35]

The moot point is Every one wants "Business" so eventually they(master/dc/amex) have to figure out a way to coexist with UPI which is good for them and economy in long run.

 

[Abhishek012]

The moot point is Every want Business so eventually they(master/dc/amex) have to figure out a way to coexist with UPI which is good for them and economy in long turn.

Time will tell but there's one thing I can say with 100% surety, RBI will allow other credit card networks to link with UPI.

"Credit on UPI" network is currently on beta phases also work on UPI version 1.0. I heard by the end of this year "Credit on UPI" will migrate to UPI version 2.0

 

[Survivor35]

Time will tell but there's one thing I can say with 100% surety, RBI will allow other credit card networks to link with UPI.

"Credit on UPI" network is currently on beta phases also work on UPI version 1.0. I heard by the end of this year "Credit on UPI" will migrate to UPI version 2.0

Time will tell but there's one thing I can say with 100% surety, RBI will allow other credit card networks to link with UPI.

Agree


"Credit on UPI" network is currently on beta phases also work on UPI version 1.0. I heard by the end of this year "Credit on UPI" will migrate to UPI version 2.0

At the moment its in testing phase with all credit companies launching UPI Cards and Users also jumping in to the Wagon to experience RUpay platform so all bugs and issues should weed out before moving to Phase 2.

 

[rockking1994]

Interesting 🤔 points
If upi is directly linked to bank ac why do they ask for cc and dc details at the time of registration @Abhishek012
Since we are talking about future here

We don’t really have a great EMI mechanism on UPI so cards are still relevant but only till we don’t have it
I hope visa and master card figures out a way to stay relevant as if rbi and ncpi have there way with them they will have to close their business essential creating a monopoly of rupay and upi
monopoly = bad for us ( no more rewards )
Any idea how can they stay relevant?

 

[Abhishek012]

Interesting 🤔 points
If upi is directly linked to bank ac why do they ask for cc and dc details at the time of registration @Abhishek012
Since we are talking about future here

We don’t really have a great EMI mechanism on UPI so cards are still relevant but only till we don’t have it
I hope visa and master card figures out a way to stay relevant as if rbi and ncpi have there way with them they will have to close their business essential creating a monopoly of rupay and upi
monopoly = bad for us ( no more rewards )
Any idea how can they stay relevant?

CC and DC details ask only for verification purpose.

NPCI already launch alternative option to register your UPI and set PIN/reset UPI PIN through Aadhar otp.

Here - User Onboarding on UPI -

Live UPI Banks supporting Aadhaar OTP List - https://www.npci.org.in/what-we-do/user-onboarding-on-upi/live-member-banks

2 years ago NPCI launches hackathon challenge to find alternative UPI authentication modes -
NPCI said in a statement adding that it intends to find alternate solutions including Biometric verification and similar innovations for authorising payments on the UPI platform.

NPCI launches hackathon challenge to find alternative UPI authentication modes

Fintechs, solution providers and developers can submit their solutions, which should be unique, to simplify authorization and integrate the innovative technology into UPI.The hackathon challenge will be a global contest for individuals and enterprises offering technology solutions in payments

www.livemint.com

EMI also supported on UPI (ICICI Paylater UPI is the first bank to launch UPI EMI payment)

Here - NPCI already release a circular to support EMI on Credit card link UPI payment.

In the next phase, following functionality to be enabled at the app and issuer shall:

a. Allow customers to avail value added services such as EMI conversion, limits management, reward update, redemption, spend analysis etc. on app.
b. Maintain separate-mobile number attached to an add on card, for the card holder to link it with an app

Source: https://www.npci.org.in/PDF/npci/ru...uPay-Credit-Cards-linked-to-UPI-(Amended).pdf

 

[Abhishek012]

I hope visa and master card figures out a way to stay relevant as if rbi and ncpi have there way with them they will have to close their business essential creating a monopoly of rupay and upi
monopoly = bad for us ( no more rewards )
Any idea how can they stay relevant?

I always want more Indian credit card companies and one more UPI alternative.

Ameircans have total 6+ big card network companies Visa, mastercard, Amex, Discover, Diners club, Pulse etc and now FEDNOW also coming soon in US.

We Indians have only 1 - RuPay card and another UPI.

 

[rockking1994]

I always want more Indian credit card companies and one more UPI alternative.

Ameircans have total 6+ big card network companies Visa, mastercard, Amex, Discover, Diners club, Pulse etc and now FEDNOW also coming soon in US.

We Indians have only 1 - RuPay card and another UPI.

Hope we get more card networks companies which are made in India
But not sure how they will survive but hope for the best

 

[Abhishek012]

Hope we get more card networks companies which are made in India
But not sure how they will survive but hope for the best

All will survive, RuPay is currently non-profit company, similar to visa and mastercard before 2008.

Indian and few foreign banks are the owner of RuPay card. Once RuPay will turn into for profit company, banks will promote RuPay card.

If any new credit card network is formed in India then once again Indian and few foreign banks will be the owners.

Recently, i read this news - Consumer spending to exceed $4 trillion by 2030, UPI most preferred option: Report.

 

[watchguys]

I don't think UPI will be ever enabled for Visa, MC etc. Non indian companies