India is breaking this dominance by government backed Rupay and UPI payment methods. Both have 0 MDR charges.

Rupay is a direct alternative to Visa and MasterCard. UPI is peer to peer payment system for any bank account linked with a phone and debit card.

So far government has been successfully in both of these endeavours.

https://en.wikipedia.org/wiki/RuPay?wprov=sfla1

https://www.business-standard.com/article/economy-policy/rup...