Why banks want Visa, Mastercard to have a share of UPI

India’s dealings with American card networks has been frosty. Visa Inc and Mastercard Inc have grumbled to Washington about the lack of a level playing field as New Delhi has cajoled banks to shift to a homegrown alternative. For their alleged failure to comply with local data-storage rules, Mastercard, Discover Financial Services and American Express Co have run into regulatory trouble in the second-most-populous nation. Recurring payments from the country have been a disaster for failing too often.

It may be time for a thaw in the relationship. According to news portal The Morning Context, the Reserve Bank of India is keen to grant Visa and Mastercard access to the country’s popular online payments protocol.