Who will benefit from the Mastercard ban in India? ...Middle East

Quartz - Economy
Who will benefit from the Mastercard ban in India?
source : Quartz ( Middle East ) () 27
India’s decision to ban Mastercard from issuing new debit and credit cards in the country could be a win for the government’s own payment systems—and that’s not all good news.On July 14, the Reserve Bank of India (RBI) said US-based Mastercard had not complied with data storage rules from 2018 (pdf) that require foreign card networks to store Indian payments data within the country so the regulator can have “unfettered supervisory access.” The ban on Mastercard will come into effect on July 22. RBI’s move will not impact existing customers of Mastercard.Most banks in India provide four types of debit and credit cards: Visa, Mastercard, Maestro (a part of the Mastercard enterprise), and RuPay

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