IndiaPay to swipe Visa, MasterCard out of India!

Have you ever wondered how much money you contribute to the U.S. economy when you use your credit or debit cards? Visa and MasterCard have been minting money from India, thanks to the soaring use of plastic among Indians.

And now, the Economic Times reports that the Reserve Bank of India is working to dam some of those flows and keep some of that money inside India -- with IndiaPay, a state-backed payment platform.

China, as always, and Malaysia have already put in place such platforms.

Once IndiaPay goes on stream, a India's banks can pay a lot less as charges for such plastic transactions.

This is definitely good news; in a free-trade world the flow of money should come both ways.
And as with outsourcing, you can now expect the West to cry 'Wolf' over this too. Because, for them free trade is trade that benefits the West.