Manipal Payment & Identity Solutions Limited (formerly MCT Cards & Technology) was incorporated on February 19, 2008 in Karnataka as a private limited company, later converted into a public limited company on June 28, 2024. It was subsequently renamed Manipal Payment and Identity Solutions Limited on August 23, 2024. The company describes itself as the largest manufacturer of payment cards globally and in India.
The company provides payment, identification, secure, and smart tagging/Internet of Things (IoT) solutions to banks, fintechs, NBFCs, and government clients in India and internationally. It operates a card manufacturing facility in Manipal, supported by card personalization facilities and multiple printing and processing units across global locations.
Operationally, it began offering magstripe cards in 2009 and, since 2012, has been a leading card payment technology enabler in India, contributing to the migration from magstripe to chip-embedded cards for major card networks. It started chip-embedded cards in 2013, introduced instant issuance solutions (account opening kiosks and debit card printing kiosks) in 2016, and launched contactless chip cards in 2017. It also expanded into government ID-related products, including polycarbonate smart cards for driving licences and registration certificates (2019), and supplied such documents to Maharashtra’s Transport Commissioner Office in 2024, alongside launching RuPay metal cards (FY22) and an rPVC RuPay card (2024).
Strategically, it acquired the VDP Division of Manipal Technologies Limited on a going-concern basis through a slump sale on March 31, 2024. The company has filed a Draft Red Herring Prospectus with SEBI and plans an IPO comprising a ₹320 crore fresh issue and an offer for sale of 14,306,785 equity shares (₹2 face value) on September 11, 2026.
