M2P's Credit Card Stack Powers Federal Bank Paisaback Co-Branded CC Program with Paisabazaar

M2P Fintech is powering Paisaback, the co-branded credit card launched by Federal Bank in partnership with Paisabazaar. The card runs on M2P's Credit Card Stack, which handles everything from issuance and day-to-day card management to the cashback at the heart of the product.

The idea behind Paisaback is simple. Most people want a credit card that pays them back on what they already spend, without having to learn a points system or wait on a redemption catalogue. Paisaback does exactly that, offering cashback across everyday spend categories, including a distinctive cashback on everyday transactions made using the credit card. With UPI now the way so many Indians pay, from the neighbourhood grocer to monthly bills, rewarding those payments makes the card useful in the moments that matter most.

Getting a proposition like this to market quickly takes more than a good idea. It needs a card platform that adapts to the product, not the other way round. That is where M2P's Credit Card Management System comes in. It manages the full life of a card, from onboarding the customer and issuing the card to setting credit limits, authorising transactions, generating statements and processing repayments. Just as importantly, M2P's Credit Card Management System can be configured quickly to support differentiated product constructs like this one. That flexibility lets issuers design card propositions for different customer segments and interests, and bring them to market faster. For Paisaback, it meant a fast launch and a platform ready to grow with the program.

APIs sit at the heart of the stack, which lets it connect smoothly with a partner's digital journeys. Customers can discover the card, apply for it and manage it through channels they already know and trust, which is exactly what a digital-first co-branded card needs.

The cashback itself is delivered through M2P's Rewards platform, working hand in hand with the Credit Card Management System. The rules engine decides how cashback is earned, whether by spend category, merchant, payment type such as UPI, spend thresholds or monthly caps. As transactions come through, rewards are worked out accurately and credited transparently, so customers can clearly see the value they are getting. For the issuer, the same platform makes it easy to fine-tune the program over time, whether that means running a festive offer, adding a partner campaign or shifting focus to a new spend category, all without touching the core card platform.

Behind every swipe, UPI payment and cashback credit sits a set of transactions that must be matched and settled accurately. This is where M2P's reconciliation product completes the stack. It automates the back-office work of matching transaction records across networks, processors and the bank's ledgers, and flags exceptions early so they can be resolved quickly. For a program like Paisaback, that means fewer manual checks, cleaner books and greater confidence as transaction volumes grow.

Co-branded cards work best when the value is easy for customers to understand and the technology behind them is easy for issuers to shape. Paisaback is a great example of that. Paisabazaar knows what today's credit customers are looking for, and our role has been to give that insight a platform that can launch quickly and scale with confidence. We're excited to be part of this journey.

Paisaback brings together three strengths. Federal Bank contributes its banking franchise and credit card expertise, Paisabazaar brings its deep understanding of consumer credit needs and wide digital reach, and M2P provides the technology that ties it all together. The result is a card that is simple, rewarding and digital-first.

M2P Fintech looks forward to supporting Federal Bank and Paisabazaar as Paisaback continues to grow, and to enabling more innovative credit experiences across the BFSI sector.