India's Payments Push is Cutting Out Visa and Mastercard

India's digital payments ecosystem, led by UPI and RuPay, is gaining traction and challenging the dominance of Visa and Mastercard in the country. UPI, a nine-year-old bank-to-bank payment network, processes over 13 billion monthly transactions, accounting for 71% of all transactions and 36% of consumer spending. RuPay, India's domestic card network, has seen its volume double to $7.43 billion in the first seven months of fiscal 2025, representing 28% of credit card transactions, up from 10% last year. The growth of RuPay is attributed to its lower fees and the central bank's mandate allowing customers to choose their card network, ending exclusive deals with global providers.