UPI outpacing global card cos Visa, Mastercard in payment space in India

Transactions through India's homegrown Unified Payments Interface reached almost half the value of debit and credit cards swiped at stores last month, central bank data show

Global card companies like Visa Inc. and Mastercard Inc. are losing market share to upstarts in the world’s most innovative payments market: India.

Transactions through India’s homegrown Unified Payments Interface -- which allows mobile apps run by retailers, airlines and other firms to take payment directly from bank accounts -- reached almost half the value of debit and credit cards swiped at stores last month, central bank data show.

The surge in UPI transactions has taken place since 2016 when the interface was set up by an umbrella organization of Indian banks. Mastercard, in contrast, has built up its business in India