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According to papers seen by Reuters, Visa has protested to the US government that India's "informal and formal" promotion of domestic payments rival RuPay undermines the US behemoth in a critical market.
In public, Visa has downplayed concerns about RuPay's rise, which has been aided by public lobbying from Prime Minister Narendra Modi, who has compared the usage of local cards to national duty.
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However, according to US government papers, during a meeting between US Trade Representative (USTR) Katherine Tai and company executives, including CEO Alfred Kelly, on August 9, Visa expressed worries about a "fair playing field" in India.
Similar concerns have been addressed informally with the USTR by Mastercard. According to Reuters, the business filed a protest with the US Trade Representative in 2018, alleging that Modi was exploiting nationalism to promote the local network.
"Visa remains concerned about India's informal and formal policies that appear to favour the business of National Payments Corporation of India (NPCI)," the non-profit that runs RuPay, "over other domestic and foreign electronic payments companies," according to a memo prepared for Tai ahead of the meeting by the United States Trade Representative.
Requests for comment were not answered by Visa, the USTR, the PMO, or the NPCI.
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