Global payment card maker Federal Card Services (FCS) will invest $250 million (about Rs 2,090 crore) in India to set up its first manufacturing facility in Pune and expand its operations across technology, real estate and services.
The company said the investment will create about 1,000 direct jobs and support India’s plans to expand domestic production of financial technology products.
FCS, founded in 2014 and headquartered in Miami, manufactures metal and biodegradable payment cards for banks and fintech companies. The Pune plant, spread over 32,000 sq. ft., will begin operations in February 2026 with an initial capacity of two million cards per year, which will later increase to 26.7 million annually.
Matías Gainza Eurnekian, CEO, Federal Card Services, said India would play a central role in the company’s global expansion. “Our investment in Pune marks the beginning of a long-term commitment to build, design and deliver payment solutions from India,” he said.
The Pune location was chosen for its proximity to Mumbai’s financial sector, skilled workforce and logistics network connecting markets in Asia, the Middle East and Europe, the company said.
FCS said it plans to produce both metal and biodegradable cards made from renewable materials such as wood and plant-based composites as alternatives to traditional plastic cards.
Eurnekian said the company aimed to promote sustainable manufacturing practices in partnership with the government and industry.
FCS has existing partnerships with Axis Bank, Visa, Mastercard and FPL Technologies, the company behind OneCard. The Pune plant will add to the firm’s manufacturing footprint, which includes facilities in the United States and research operations in Ireland.
The company said its India expansion aligns with the government’s Make in India programme, which promotes domestic production and export-oriented manufacturing in technology sectors.
