Mastercard, Visa poised to reap spoils of India's war on black money

New York

INDIA's war on black money has at least two likely victors: Visa Inc and Mastercard Inc.

The world's largest payment networks will see a surge in transactions and cardholders after the Indian government's decision this month to remove high-denomination bills from circulation, according to analysts who cover the companies. The two networks have been pushing for this kind of change in India, where a McKinsey & Co study found that more than 90 per cent of transactions are still conducted in cash.