NEW DELHI – India to launch new economic initiative in Saudi Arabia incoming days.

Indian Prime Minister Modi is to launch the RuPay card during a visit toSaudi Arabia on 28 and 29 October in what is seen as a move to rival MasterCardand Visa.linkRuPayis India’s domestic payment card conceived and launched by the NationalPayments Corporation of India.

Saudi Arabia is the third country in the Gulf region to get the RuPay cardfacility after the UAE and Bahrain, Sputnik has reported.

RuPay will also help Indian Haj pilgrims, said India’s foreign ministerRaveesh Kumar.

American payment card firms MasterCard and Visa have been losing marketshare to India’s domestic payment card since the November 2016demonetisation drive, which is aimed at promoting digital payments.