#MintPlainFacts | Earlier this month, #Visa and #Mastercard, an international duopoly that accounts for 90% of global card transactions (excluding China), decided to suspend its network services in #Russia in protest against its invasion of #Ukraine.

Their actions kicked off a debate in India, whose neutral stand on the war highlighted similar risks it could face in a wider geopolitical conflict.

That conversation revolved around whether India was overly dependent on businesses that could shut shop in a trice.

In payments, India and #Russia are similar in some aspects.

https://www.livemint.com/money/personal-finance/what-if-visa-mastercard-suspended-services-in-india-11647928073638.html

#Mint #HTMint #LiveMint

The #UnitedStates is nominating former #Mastercard CEO #AjayBanga to lead the #WorldBank, President #JoeBiden announced on Thursday, crediting him with critical experience on global challenges including climate change.

Read here: https://www.livemint.com/news/world/us-nominates-former-mastercard-ceo-ajay-banga-for-world-bank-president-11677164658948.html

The #WorldBank's 25-member executive board on Wednesday elected former #Mastercard CEO #AjayBanga to a five-year term as president, effective 2 June.

Read here: https://livemint.com/news/indianorigin-ajay-banga-is-next-world-bank-president-11683128835904.html

BCCI is scrambling to find a new jersey sponsor and title partner after the exit of #Byju’s & #Mastercard Inc., even as costly advertising, new regulations, and a funding winter combine to depress sentiment.

https://www.livemint.com/companies/news/cloud-over-bcci-earnings-as-search-for-sponsors-continues-11687801320053.html

Leading credit card company #Mastercard announced that it has appointed #RajnishKumar, former Chairman of the State Bank of India (SBI), as the Chairman of Mastercard India.

Read here: https://www.livemint.com/companies/news/former-sbi-chairman-rajnish-kumar-appointed-chairman-of-mastercard-india-11694682955927.html