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India’s RuPay threat to Visa? Payment giant complains to US govt for THIS reason

Visa has raised concerns about a level playing field in India during a meeting between US Trade Representative (USTR) Katherine Tai and VISA executives, including CEO Alfred Kelly.

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RuPay

The payment giant, Visa has complained to the United States government against India. The company is concerned that Prime Minister Narendra Modi has been promoting the local payment gateway RuPay for years now that has proved as a threat to Visa and Mastercard.

According to media reports, Visa has raised concerns about a level playing field in India during a meeting between US Trade Representative (USTR) Katherine Tai and VISA executives, including CEO Alfred Kelly.

Visa complains US government against India backing RuPay

A USTR memo read that Visa remains concerned about India’s informal and formal policies that appear to favour the business of National Payments Corporation of India, the non-profit that runs RuPay over other domestic and foreign payment companies.

In 2018, Mastercard had raised similar concerns with the US Trade Representative that Narendra Modi was using nationalism to promote the local network.

About Visa

Visa facilitates electronic funds transfers throughout the world. Launched in September 1958 by Bank of America, is the world’s second-largest card payment organisation. It does not issue cards or extend rates for consumers.

In 2018, the giant payment company reported earnings of US$10.3 billion. As of 2018, Visa ranked 161st on the Fortune 500 list of the largest United States corporations by revenue.

Read Also: Reliance Jio joins Airtel and VI, hikes prepaid plan tariffs by 20%: check new plans here

About RuPay

As per the most recent regulatory data on RuPay, the company accounted for 63 percent of India’s 952 million debit and credit cards as of November 2020. It has increased from 15 percent in 2017.

Last year, Finance Minister of India Nirmala Sitharaman had said that all the banks in India should only promote RuPay. She also informed that the government has also promoted a RuPay based card for public transportation payments.

In other news, amid the rising concerns and emergence of a new variant of coronavirus Omicron, Indian states have issued fresh Covid-19 guidelines as precautionary measures. 

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Happy Birthday Mark Zuckerberg: Social media users wish Facebook co-founder on his 40th birthday

Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

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Mark Zuckerberg, co-founder and CEO of Facebook (Meta), is celebrating his 40th birthday on May 14. Zuckerberg, one of the most influential figures in the tech industry, has had a major impact on how people connect and communicate with each other all over the world.

At 40, Zuckierberg continues to lead Facebook and its parent company, Meta, towards new technological frontiers. Born on May 14, 1984, Zuckerberg has grown from a Harvard dropout into a billionaire philanthropist, owning many tech ventures over the years. He started Facebook in 2004 and took it public in 2012.

In 2021 the social media platform changed its name to Meta to shift the company’s focus to the metaverse. Under his leadership, Facebook has grown into a global platform with over 2.8 billion active users. Apart from this, he has also expanded his influence through the Chan Zuckerberg initiative, which is run by Zuckerberg and his wife Priscilla Chan and focuses on philanthropy in health, education, and scientific research with an investment of 99% of the couple’s wealth over their lifetime.

There has been a rise in the net worth of Mark Zuckerberg over the last few years. According to Forbes, his net worth stands at $177 billion, which makes him the 4th richest man in the world. Since Facebook (now Meta) acquired WhatsApp in 2014 for $19 billion, Mark Zuckerberg’s net worth has grown significantly.

In 2014 his net worth was approximately $26.1billion, which now stands at around $177 billion, which reflects a substantial increase in the net worth due to Meta’s expanding business and strategic acquisitions over the year.

Before Zuckerberg turned 40, he gifted himself a brand-new superyacht, Launchpad in March 2024. According to reports, Zuckerberg purchased $59 million worth of waterfront property on Lake Tahoe in California in 2019. He spends his money on luxury vehicles and owns a Acura TSX, a Honda Fit, and a black Volkswagon Golf GTI.

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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