Prepaid card programmes are evolving beyond standard payment products into highly customised financial solutions tailored to specific customer segments. According to CARD91 CEO Ajay Pandey, the success of these programmes depends on aligning card offerings with consumer behaviour while providing banks with the flexibility to rapidly launch and scale new products. The partnership with Indian Overseas Bank reflects a broader industry shift towards configurable card platforms that enable faster innovation and more personalised payment experiences.
Financial infrastructure platform CARD91 has integrated its Prepaid Payment Instrument (PPI) technology stack with Indian Overseas Bank to power the public sector lender’s modernised digital prepaid portfolio. The deployment enables the Chennai-headquartered bank to launch RuPay National Common Mobility Card (NCMC) capabilities alongside digital gift card offerings, providing its retail customer base with versatile payment options across transit networks and everyday retail channels.
The technical integration leverages the National Payments Corporation of India (NPCI) NCMC framework to support contactless, tap-to-pay functionality for routine travel. Cardholders can execute offline transit transactions across participating metro lines, municipal bus networks, and automated parking facilities. Beyond transit use cases, the platform supports multi-variant prepaid gift cards, allowing the bank to capture broader retail spending segments through a unified digital architecture.
To streamline administrative controls and user engagement, cardholders can manage their prepaid instruments through dedicated mobile applications published on the Google Play Store and Apple App Store. Supported digital servicing features include real-time balance inquiries, detailed transaction ledgers, instant card top-ups, and native customer support channels. The technology stack operates under strict compliance guidelines established by the Reserve Bank of India, ensuring that all security, consent, and issuing frameworks meet updated regulatory standards.
Ajay Pandey, Chief Executive Officer of CARD91, stated that prepaid programs achieve greater market impact when built around specific consumer behaviours and supported by flexible technical infrastructure. Pandey noted that the partnership demonstrates CARD91’s capacity to assist commercial banks in transitioning from initial product architecture to active market deployment with operational efficiency and control. Following the initial launch, Indian Overseas Bank plans to expand its prepaid card program into additional custom variants by leveraging the configurable card-management architecture.
What it means for the industry
- Banks are increasingly adopting configurable card platforms to accelerate the launch of tailored prepaid payment products.
- Consumer-centric product design is becoming a key differentiator, with prepaid programmes built around specific customer needs and behaviours.
- Modern card-management infrastructure is reducing time-to-market, allowing banks to introduce new payment solutions more efficiently.
- Bank-fintech partnerships continue to reshape card issuance, combining regulated banking capabilities with specialised technology platforms.
- Flexible payment architectures will enable banks to expand product portfolios without the complexity of rebuilding core card infrastructure.
Image Source: Pexels.com
