Here's how India's war on cash is a boon for Visa and Mastercard
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The world’s largest payment networks will see a surge in transactions and cardholders after the Indian government’s decision this month to remove high-denomination bills from circulation, according to analysts who cover the companies. The two networks have been pushing for this kind of change in India, where a McKinsey & Co. study found that more than 90 percent of transactions are still conducted in cash.“Visa and
Five-hundred rupee ($7.33) and 1,000-rupee notes ceased to be legal tender in India on Nov. 9 and must be deposited in banks by the end of the year, Prime Minister
“We are undertaking various measures to transition to a less-cash society,” Kant said in a letter attached to the report. “Achieving this goal would not only help reduce the size of the shadow economy in our country and the circulation of black money, but also lead to a significant increase in jobs.”
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Mastercard “welcomes and supports” Modi’s decision, Porush Singh, the company’s president for South Asia, said in a statement. The prime minister’s “bold action and leadership is a critical step in positioning India to be a leader in the global cashless and digital economy movement.”
Visa, based in San Francisco, had no immediate comment
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