Mastercard's India Wipeout, Visa Is Next As Rival RuPay Prepares To Go Global

Dec. 22, 2021 3:42 AM ETMastercard Incorporated (MA), V50 Comments
Sandeep G. Rao profile picture
Sandeep G. Rao


  • MA and V historically had overwhelming share in card branding in India until recently.
  • RuPay surpassed both in the debit card segment, is making inroads in credit cards and is backed by strong national objectives.
  • Similar "national" endeavours are on the rise elsewhere and forming cross-operability pacts that challenge MA and V's ubiquity in the long run.
  • Trends seen in line items suggest MA might be substantially affected while V is likely counting the days.
Indian rupee sign with stock market graph background

Rasi Bhadramani/iStock via Getty Images

In recent coverage given to Mastercard Inc. (NYSE:MA) and Visa Inc. (NYSE:V), both companies were credited with solid line item discipline. This line item discipline, however, hides minutiae that will grow to impede future growth outside of their home

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Sandeep G. Rao profile picture
Currently leading research at Leverage Shares, I have longstanding professional experience with financial markets. All views are my own and I can assure you that I smile sometimes. M.S.F, M.B.A., IIT Chicago. My Substack where I dig *deep* into global business, market, Asia, culture, trends, etc.Please note: Leverage Shares is an ETP provider that offers daily-rebalanced products in leveraged/unleveraged/inverse/inverse leveraged factors. The company holds both long and short positions in a number of stocks (some of which might get a mention in some articles) in order to construct its products. Please consider risk factors carefully before investing in them.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I lead research at an ETP issuer that offers daily-rebalanced products in leveraged/unleveraged/inverse/inverse leveraged factors with various stocks, including some mentioned in this article, underlying them. As an issuer, we don't care how the market moves; our AUM is mostly driven by investor interest in our products.

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