India to launch new economic initiative in Saudi Arabia

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India to launch new economic initiative in Saudi Arabia

NEW DELHI - India to launch new economic initiative in Saudi Arabia in coming days.

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

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

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

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

New Delhi