India's leading card issuance and prepaid API platform — powering 600+ fintech programmes
M2P Fintech (formerly Mobileware Technologies) is India's dominant card issuance and Banking-as-a-Service (BaaS) platform — it powers the prepaid cards, co-branded credit cards, and corporate expense cards you see on apps like Niyo, Jupiter, Slice, and hundreds of other Indian fintechs. Founded in 2014 in Chennai, M2P processes $50B+ in transactions annually and operates across 30+ countries. For Indian fintech product managers building any product involving cards — prepaid wallets, corporate spend management, BNPL cards, neo-banking — M2P is the infrastructure layer that connects you to Visa, Mastercard, and RuPay networks without needing direct bank partnership deals. The API platform is well-documented and has strong enterprise support, though pricing is negotiated case-by-case and initial setup requires significant regulatory onboarding.
India Market Fit 4.8: Dominant card infrastructure provider in India, INR pricing, RBI-regulated. Pricing Transparency 2.7: All pricing is custom/negotiated — no public pricing. Onboarding requires compliance review (4-8 weeks typically).
M2P Fintech is a Banking-as-a-Service (BaaS) platform that provides the infrastructure for fintechs and enterprises to launch card programmes and financial products without direct bank partnerships. Its core platform sits between fintech companies (who want to offer cards to their users) and the banking/card network rails (Visa, Mastercard, RuPay, NPCI).
The company operates at massive scale — processing 4M+ transactions daily across 30+ countries, with 600+ live card programmes in India. Notable M2P-powered products include Niyo's travel forex card, Jupiter's debit card, and dozens of corporate expense management programmes. The M2P platform handles card lifecycle management (issuance, activation, controls, disputes, closures), transaction processing, fraud detection, and regulatory reporting.
For Indian fintech product managers, understanding M2P means understanding the Indian card issuance ecosystem: M2P is not a bank itself, but a technology platform that connects you to partner banks (Federal Bank, RBL Bank, Yes Bank, IDFC FIRST) who hold the RBI licence. Your fintech builds the user experience; M2P + partner bank handles the regulated card infrastructure.
Issue Visa/Mastercard/RuPay prepaid cards to your users. Physical + virtual cards. Closed-loop (your platform only) or open-loop (accepted anywhere). Used for wallets, gift cards, disbursement cards.
Launch your brand's co-branded credit card on Visa/Mastercard networks. M2P handles card lifecycle; partner bank provides credit line. Used by airlines, retail brands, and neobanks.
Issue virtual and physical corporate cards to employees/vendors. Spend controls (category limits, merchant limits, daily limits). Real-time transaction alerts and expense management.
Issue virtual Visa/RuPay cards instantly via API. Used for BNPL (give customer a virtual card at checkout), insurance claims disbursement, reward cards. No physical issuance needed.
Real-time transaction monitoring, 3D Secure authentication, velocity checks, and customisable fraud rules. Critical for preventing prepaid card fraud, which is significant in India.
Multi-currency prepaid cards for international travel (like Niyo Global). RBI-compliant forex card programmes. Competitive forex rates via M2P's banking partners.
| Use Case | M2P Product | Example in India |
|---|---|---|
| Neobank debit card | Prepaid Card Programme | Jupiter, Fi Money, Niyo |
| Corporate expense management | Corporate Expense Cards | Volopay, Zaggle, Happay |
| BNPL virtual card at checkout | Virtual Card Issuance | Slice, LazyPay, ZestMoney |
| Rewards / gift cards | Closed-loop Prepaid | Sodexo, Ticket Restaurant |
| Insurance claim disbursement | Virtual Cards | Acko, Digit Insurance |
| Forex travel card | Multi-currency Prepaid | Niyo Global, BookMyForex |
Launching a card programme in India requires: (1) An RBI-licensed partner bank (M2P connects you), (2) PPI (Prepaid Payment Instrument) licence or co-branding agreement, (3) KYC compliance (full-KYC for loadable wallets >₹10K), (4) Card network certification (Visa/MC/RuPay). M2P handles the certification and bank partnership; you focus on the user experience and fund flow. Typical time to launch: 3-6 months for prepaid, 6-12 months for co-branded credit.