India approves $170m plan to promote RuPay debit cards, rivaling Visa, Mastercard

India approves $170m plan to promote RuPay debit cards, rivaling Visa, Mastercard

A RuPay sign is seen on the door of an automated teller machine (ATM) while a user is seen, at a commercial building in Mumbai September 11, 2014. REUTERS/Danish Siddiqui/Files Photo by Reuters

India on Wednesday approved a 13 billion rupee ($170 million) plan to promote domestic RuPay debit cards and low-value digital transactions to boost their use in marginalised populations, in a move that could challenge the clout of rivals like Visa and Mastercard.

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