Manipal Payment and Identity Solutions IPO

About Manipal Payment and Identity Solutions Company

Manipal Payment & Identity Solutions, incorporated in February 2008 as MCT Cards & Technology and later renamed, is a technology-driven manufacturer and solutions provider for secure payment, identification and smart-tagging ecosystems that has evolved from conventional banking-card production into a diversified portfolio spanning payment cards, cheque services, NFC/QR-based payments, payment-enabled wearables, digital automation, government identity programmes and IoT/smart-tagging solutions. Its core business is end-to-end secure card and document manufacturing and personalization, with product segments including credit, debit, prepaid, metal and dual-interface cards; driving licences, vehicle registration certificates and national identity cards (over one billion cards billed across 12 languages as of March 2025); secure logistics, holograms, RFID and anti-counterfeiting solutions; and smart-tagging/IoT offerings for traceability and asset tracking. The company operates 10 facilities and 19 production units across 11 cities in India and has expanded internationally to the UK, Europe, Asia-Pacific and MEA regions, positioning itself as one of India’s largest integrated banking- and smart-card manufacturers and among the top global players by shipment volume. Its principal customers are banks, fintech companies, NBFCs and government entities in India and overseas, and its operational approach emphasizes secure, scalable manufacturing, multi-product integration and global delivery capabilities to help clients address the demands of digital payments, identity issuance and secure document management while maintaining compliance and reliability.