Fentanyl: A Powerful but Dangerous Drug Fentanyl is a powerful synthetic opioid drug that is often used to treat severe pain. It is a Schedule II controlled substance, which means that it has a high potential for abuse and dependence. Despite its effectiveness in treating pain, fentanyl can be extremely dangerous and even deadly if used improperly. Uses of Fentanyl Fentanyl is primarily used to manage severe pain, particularly in patients who are undergoing surgery or who are experiencing chronic pain due to cancer or other serious medical conditions. It can also be used as a part of anesthesia for surgical procedures. Fentanyl is available in several different forms, including transdermal patches, lozenges, and injectable solutions. Demerits of Fentanyl The main danger of fentanyl is its potential for abuse and overdose. Fentanyl is a highly potent drug, up to 100 times more potent than morphine. It can cause a rapid onset of sedation, respiratory depression, and even coma or dea...
VISA Inc complain about India
Credit and debit cards have already gained popularity all over world as easy payment procedures. In India, the Card acceptance has seen a wide growth in last few years when Government of India came up with the scheme of Jan Dhan Yojana.
The scheme made every person owner of a bank account where no minimum balance was mandate and gave debit card in hands of people to use money wisely and effectively.
Cards are that are issued by various banks like SBI, HDFC, PNB, ICICI, etc uses the services of network providers like VISA, MasterCard, RuPay, etc.
Banks are known as Card Issuer whereas card network is controlled by many players of network providers. They act as a bridge between bank's and the merchant's.
Network carries the customer information from the point of sale machine to bank servers, which validates and approves the request of specified account holder to pass the payment of every individual customer. As a result the transaction between bank and merchant is completed and customer gets the goods or services.
In return of this, the network providers charge certain percentage from merchants and banks to facilitate their services. This is how the ecosystem works.
In India, VISA and MasterCard holds the majority of maket network whereas other players are Discover, American express and RuPay.
Present day, VISA Inc has submitted an informal complain to USA administration through USTR ( United States Trade Representative) stating India is promoting its own RuPay card service in the name of nationality, which is harming the business of VISA Inc.
The company has been vocal about not having a level playing field in Indian Market due to the strong promotion of RuPay by Indian Government.
This is not the first time that this type of complaint was seen against RuPay. In 2018, even MasterCard Inc has submitted a similar concern to USTR.
PM Modi ji speech of 2018 which cited the people to use RuPay card services to serve the nation indirectly and Finance Minister Speech which asked banks to promote RuPay card has become a market concern for other players.
What is RuPay ?
It is an indian payment and financial service system by NPCI (National payment corporation of India) that came to force in 2014 with a vision of domestic electronic payment system.
It has very less transaction processing fee than compared to other network providers.
It is also seen that nationally made RuPay network has seen growth in last 3-4 years. In 2017 it had 15% of penetration and as of November 2020 it holds around 63% of market.
Drawbacks of RuPay
1. RuPay cards have been issued to many people but the holders of such card are basically Jan Dhan Account holders with low card transaction rate.
2. Most of the people still have majority transaction through VISA and MasterCard.
Why was MasterCard ban ?
In 2018, RBI came up with a directive for all card network providers that payment data to be stored in India only. But, It was found that MasterCard violated the directive and was banned by RBI indefinitely on issuing new cards in India.
RBI concern on data safety was highly appreciated but the ban was not appropriately accepted by USTR.
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