Manipal Payment and Identity Solutions

What Manipal Payment and Identity Solutions does

Manipal Payment and Identity Solutions Limited (MPi), formerly MCT Cards & Technology Private Limited, is India's largest banking and smart card manufacturer and a subsidiary of Manipal Technologies Limited. Founded in 2008 and headquartered in Manipal, Karnataka, the company manufactures chip-embedded payment cards (debit, credit, prepaid, fleet, gift, loyalty, meal), instant issuance kiosks, smart wearables, and secure identity documents (national ID, Aadhaar, driving licenses, voter ID, registration certificates) for 100+ domestic banks, 50+ global banks and fintechs, multiple Indian central and state government departments, insurance companies, and transit authorities. As of December 31, 2024, the company billed 95.17 million identity documents in the nine-month period and reports aggregate Aadhaar billing exceeding 1,000 million cards; it operates 10 manufacturing facilities and 19 production units across India with an annual card capacity of 120 million, and maintains an end-to-end logistics network covering 19,300+ PIN codes with deliveries to 15+ countries.

The company's underlying technology combines physical card manufacturing infrastructure (chip encoding, holographic master origination across three origination technologies, RFID/NFC for FASTag and wearables) with a proprietary software stack — MPi PersonaPrint for chip personalization, MPi IssuNow for instant issuance, MPi WatchGrid for kiosk remote monitoring, MPi DriveSuite for RTO smartcard personalization, MPi CommuteCore for transit management, MPi TracLogix for logistics tracking, MPi ChannelSync for omnichannel customer communications, MPi TraceSync for supply-chain traceability, and MPi Valid8r for QR-based excise authentication. The stack is backed by extensive certifications — ISO 27001, ISO 14298, PCI DSS Level 1, CMMI Level 3, and certified manufacturer status with all major card payment networks (Mastercard, Visa, RuPay, JCB, UnionPay, Discover, Diners Club).

Revenue is generated primarily through B2B and B2G contracts via direct enterprise field sales, with sales offices in Bengaluru, Chennai, Delhi NCR, Kochi, Kolkata, and Mumbai, plus international outreach into USA, UK, Europe, Asia-Pacific, and MEA. The go-to-market combines enterprise field sales targeting large financial institutions and government agencies, channel partnerships with payment networks and logistics providers, and event-driven product launches. Pricing is quote-based and negotiated per contract with no publicly disclosed tiers; revenue streams are split across hardware sales (card manufacturing, identity documents, tax stamps, packaging, wearables, NFC/QR tags, transit hardware) and managed services (secure logistics, CCM, transit software). The company is currently preparing for an IPO with an Updated Draft Red Herring Prospectus (UDRHP) filed.

Name

Manipal Payment and Identity Solutions

Legal name

Manipal Payment and Identity Solutions Limited

Website

https://mpimanipal.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Manipal Payment and Identity Solutions is India's largest payment card and identity document manufacturer, producing 120 million cards annually for 100+ domestic banks, 50+ global financial institutions, and government agencies across India and 15+ countries.

Ownership category

akta.pro rank

Product category

Secure Payment Card and Identity Solutions Manufacturing

NAICS

Packaging and Labeling Services (56191)

akta.pro primary industry

Secure ICs, Smart Cards & Trusted Hardware (HDAHAAAJ)

Keywords

• Payment card manufacturing
• Identity document solutions
• Secure card personalization
• Tax stamp solutions
• Smart wearable payments

Headquarters

HQ city

Manipal

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Payment Card Manufacturing & Personalization: Manufacturing and personalization of chip-embedded payment cards (debit, credit, prepaid, fleet, gift, loyalty, meal cards) for banks, fintechs, and financial institutions. Includes instant issuance kiosks. Revenue from card production volume and personalization services.
2. Identity Solutions Documents: Printing and personalization of government identity documents including national ID cards, Aadhaar cards, driving licenses, voter ID cards (EPIC), and registration certificates. Revenue from government contracts. In the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, billed 95.17 million, 137.99 million, 86.25 million and 87.22 million identity solutions documents, respectively.
3. Customer Communication Management (CCM): Omni-channel customer communication management services including policy issuance, claims, renewals, and marketing communications for insurance companies. Revenue from print and digital communication services.
4. Secure Logistics & Fulfilment: End-to-end logistics and fulfilment services covering card and document delivery. Includes closed-loop distribution network for banking customers, real-time tracking, inventory management, and cross-border shipments. Revenue from logistics fees and courier management.
5. Tax Stamp Solutions: Supply of biodegradable paper-based and polyester excise adhesive labels with holograms and encrypted QR codes to state governments. Includes end-to-end track and trace solutions and smartphone-based authentication apps for excise departments.
6. Smart Packaging & Collateral: Premium card packaging solutions including Kappa Boxes, envelopes, sliders, kits, and branded collateral for card fulfilment.
7. NFC/QR Tag Solutions: Customized contactless NFC stickers, QR code stickers, and RFID tags for payment, identification, transit, and brand protection applications.
8. Smart Wearables: Wearable payment devices including smart watches, keychains, silicone bands, ceramic rings, and mobile stickers with embedded payment chips for contactless payments.
9. Transit & Fleet Solutions: NCMC (National Common Mobility Card) solutions, fleet cards, contactless tokens, and transit management systems including hardware and software for vehicle tracking and video surveillance.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Manipal Payment and Identity Solutions manufactures, personalizes, and distributes secure payment cards (debit, credit, prepaid, fleet, gift, loyalty, metal, recycled PVC), government identity documents (Aadhaar, driving licenses, voter IDs, registration certificates), tax stamps and excise labels with authentication, holograms, smart wearables, and FASTag RFID tags. The company operates an end-to-end secure logistics network covering 19,300+ PIN codes across India and 15+ countries, and supplies instant issuance kiosks and customer communication management software to banks, fintechs, insurance firms, transit authorities, and government agencies globally.

Differentiator

Problem solved

Functional benefit

Products and services

• Payment Cards Manufacturing and personalization of chip-embedded payment cards including debit, credit, prepaid, fleet, gift, loyalty, and meal cards for banks, fintechs, and financial institutions globally. Cards are certified across Mastercard, Visa, RuPay, JCB, UnionPay, Discover, and Diners Club networks, with variants including recycled PVC (rPVC), metal, biometric, LED, colour core, holographic, metallic foil, crystal, fragrance, edge gilded, clear, image, touch & feel, quick read, and braille options.
• Smart Wearables Wearable payment devices including smart watches, keychains, silicone bands, ceramic rings, and mobile stickers with embedded payment chips for contactless payments, designed for banks and fintechs seeking tap-and-pay experiences beyond traditional cards.
• Cheque Solutions Cheque processing and printing solutions acquired from parent company Manipal Technologies Limited, providing banks with secure cheque production and personalization services.
• NFC/QR Solutions Customized contactless NFC stickers, QR code stickers, and RFID tags for payment, identification, transit, and brand protection applications, leveraging in-house UHF and HF RFID tag production.
• Digital Automation Solutions (Instant Card Issuance Kiosks) Smart banking kiosks (instant issuance kiosks) deployed at bank branches and government service points enabling account opening, card issuance, passbook printing, and statement printing in self-service mode. Over 5,000 kiosks deployed across public and private banks, rural and semi-urban areas, and government service points as of December 31, 2024.
• Driving Licence & Registration Certificate Services End-to-end services for government transport departments covering driving license and vehicle registration certificate printing, personalization, and RTO operations. Includes the MPi DriveSuite desktop-based API integrated system for managing personalization and printing of smartcard-based driving licenses and registration certificates.
• National ID Cards Printing and personalization of national identity cards including Aadhaar and other citizen IDs for central and state government agencies, with secure production at designated government zones.
• Intelligent Transit Management Solutions Integrated transit management solution including NCMC (National Common Mobility Card) cards, fleet cards, contactless tokens, and the MPi CommuteCore software platform for automatic vehicle location, passenger information, bus operation analytics, CCTV surveillance, incident management, and business intelligence. Includes the 'Namma BMTC' mobile app deployed for Bangalore Metropolitan Transport Corporation.
• Secure Logistics Services End-to-end logistics and fulfilment services covering card and document delivery for banking customers. Includes closed-loop distribution network, real-time tracking, inventory management, tamper-evident envelopes with barcode tracking, cross-border shipments, and the MPi TracLogix centralized shipment tracking platform integrating multiple courier partners.
• Insurance Document & CCM Services Omni-channel customer communication management (CCM) services for insurance companies including policy issuance, claims processing, renewals, and personalized marketing communications delivered via the MPi ChannelSync platform across email, SMS, push notifications, WhatsApp, and print.
• Hologram & Coated Products In-house manufactured holograms and coated products primarily for tax stamps, payment schemes, and identity cards, leveraging the master origination facility with three types of origination technologies.
• Tax Stamp Solutions Biodegradable paper-based and polyester excise adhesive labels with holograms and encrypted QR codes for state excise departments, paired with the MPi Valid8r smartphone-based authentication app and a central monitoring dashboard for product authentication and supply chain auditing.
• IoT & Traceability Solutions Track and trace platform with RFID/QR integration for real-time supply chain visibility, including the MPi TraceSync platform with serialization, multi-level aggregation, QR code, and RFID integration, plus in-house UHF and HF RFID tag production for FASTag toll payments and asset tracking.
• Recycled PVC RuPay Card India's first recycled (rPVC) RuPay payment card made from 99% recycled plastic, launched with Tide, Transcorp International, and NPCI to enable banks and fintechs to issue eco-friendly cards on the RuPay network.
• RuPay Metal Card India's first 'Made in India' metal RuPay card printed by MPi, issued by Transcorp International and powered by M2P Fintech on the Junio app, providing a premium metal card variant for fintech customers.
• Smart Packaging Solutions Premium card packaging solutions including Kappa Boxes, envelopes, sliders, kits, and branded collateral for card fulfilment, completing the card lifecycle for banks.
• FASTag RFID Tags RFID-based FASTag toll payment tags enabling electronic toll collection directly from linked accounts, produced in-house and supplied as one of the empaneled vendors to MoRTH.

Quantifiable outcome

• 120 million cards per year production capacity
• +6 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature12 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Transcorp International LimitedcoreTechnology or Integration · 19 May 2023Transcorp International Limited, an RBI-regulated Prepaid Payment Instrument (PPI) license holder, partnered with MPi to manufacture India's first recycled rPVC RuPay card. Transcorp issued the card powered by NPCI's RuPay network. The partnership produced India's first truly 'Made in India' metal RuPay card as well, launched on the Junio app. MPi served as the card manufacturer and personalization provider.
• NPCI (National Payments Corporation of India)coreTechnology or Integration · 19 May 2023NPCI operates the RuPay payment network, India's home-grown payment scheme. MPi manufactures RuPay cards as a certified card supplier, enabling banks to issue RuPay debit, credit, and prepaid cards. MPi is also an empaneled supplier for NCMC (National Common Mobility Card) and FASTag programs under NPCI's transit ecosystem.
• M2P FintechcoreTechnology or IntegrationM2P Fintech powered the RuPay metal card issued by Transcorp and manufactured by MPi, serving as the underlying technology platform for the card program on the Junio app. M2P provides the card issuance infrastructure that integrates with MPi's card manufacturing capabilities.
• MastercardcoreTechnology or IntegrationMPi is among the top 10 Mastercard card manufacturers globally (2023 per F&S Report) and holds certifications for manufacturing Mastercard-branded payment cards. MPi produces chip-embedded Mastercard cards for banks and fintechs globally.
• VisacoreTechnology or IntegrationCertified card manufacturer for Visa payment cards. MPi holds all required certifications for producing Visa-branded chip-embedded cards for banks.
• RuPaycoreTechnology or IntegrationMPi is a certified manufacturer of RuPay payment cards, having produced India's first recycled rPVC RuPay card and first 'Made in India' metal RuPay card. MPi is also a certified supplier for RuPay's NCMC (National Common Mobility Card) and FASTag programs.
• TidecoreGTM or Marketing PartnerTide, the UK's leading SME-focused business financial platform, partnered with MPi and Transcorp to launch India's first recycled rPVC RuPay card. Tide's SME customers in India benefit from MPi-manufactured eco-friendly payment cards.
• Karnataka Excise DepartmentcoreStrategic or Co-development PartnerGovernment of Karnataka uses MPi's biodegradable paper-based excise adhesive labels with holograms and encrypted QR codes, along with MPi Valid8r smartphone-based authentication solution for product authentication and supply chain auditing.
• Chandigarh Excise DepartmentcoreStrategic or Co-development PartnerChandigarh Excise Department uses MPi's polyester-based excise adhesive labels for liquor product authentication.
• MoRTH (Ministry of Road Transport and Highways)coreStrategic or Co-development PartnerMPi is one of the empaneled suppliers of FASTags for MoRTH. FASTag uses RFID technology for electronic toll collection directly from linked accounts. MPi provides end-to-end FASTag manufacturing and supply.
• Government of MauritiusminorStrategic or Co-development PartnerEnd-to-end track and trace solutions with tax stamps deployed for the Government of Mauritius for liquor authentication and revenue protection.
• BMTC (Bangalore Metropolitan Transport Corporation)coreTechnology or IntegrationMPi developed the 'Namma BMTC' app for Bangalore Metropolitan Transport Corporation, providing commuters with real-time updates, route information, interactive map, estimated arrival times, and mobile ticketing. Part of BMTC's Silver Jubilee celebrations.
• National Courier and Logistics PartnerscoreChannel Partner/ Reseller/ DistributorMPi has empaneled major national and regional courier partners along with Speed Post for the TracLogix logistics platform. Real-time updates captured via API integration with all logistics partners. Secure chain-of-custody logistics covering 19,300+ PIN codes.

Scale indicators20 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• IDEMIA: World's largest payment card and identity solutions provider headquartered in France. Direct competitor across chip card manufacturing, personalization, government ID documents, and secure credentials - serving the same global bank and government customer base as MPi.
• Giesecke+Devrient (G+D): German-headquartered secure technology company specializing in payment cards, mobile security, and identity solutions. Direct competitor across chip card manufacturing, banknote printing, and government ID programs - comparable German engineering DNA to MPi's manufacturing excellence.
• ABnote: US-headquartered card manufacturer and personalization specialist serving financial institutions, transit, and government. Direct peer in secure card production and personalization services, comparable mid-tier scale to MPi in the global market.
• Valid: Brazilian secure technology company with payment card, SIM, and identity solutions businesses. Direct peer in emerging-market card manufacturing with similar banking/government customer mix and comparable global shipment ranking.
• Veridos: Joint venture between G+D and Bundesdruckerei specializing in government identity documents (passports, national IDs, driver's licenses). Direct competitor in MPi's identity solutions segment serving government customers globally.
• HID Global: Identity solutions provider owned by Assa Abloy, covering secure cards, RFID, and access control. Direct peer in transit cards (NCMC-equivalent programs), RFID tags, and identity credentials; comparable customer mix across governments and enterprises.
• Eastcom: Chinese smart card manufacturer specializing in payment cards, SIM cards, and identity documents. Direct peer in payment card manufacturing for emerging markets with comparable scale and similar technology stack.

Broad incumbents

• Thales Group: Global diversified security and aerospace major with a substantial secure cards and identity document business (formerly Gemalto). Competes with MPi in payment cards, e-passports, national IDs, and secure printing, with broader portfolio and significantly deeper R&D.
• Toppan: Japanese diversified printing and security company with a global payment card and secure document business. Competes with MPi in chip card manufacturing and security printing, with broader portfolio across semiconductors, packaging, and media.

Emerging players

• Mühlbauer Group: German company specializing in ID document production systems, RFID inlays, and government credential solutions. Comparable to MPi's identity and government solutions segment with overlapping customer base in national ID and excise/tax stamp programs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/manipalpaymentandidentitysolutions

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Manipal Payment and Identity Solutions