Future Of Card Issuance In A Real-Time Payments World Ft. Naresh Rao, Giesecke & Devrient India

In this episode of TechDogs Discover Dialogues, host Vikramsinh Ghatge speaks with Naresh Rao, VP & Sales Head Issuance Products at Giesecke & Devrient India, about the evolution of payments, the future of card issuance, and how customer expectations are reshaping financial services.

The conversation explores how the payments industry has moved from cash-heavy ecosystems and magnetic stripe cards to EMV, instant digital issuance, virtual cards, mobile wallets, tokenization, embedded finance, UPI, and premium card experiences. For Naresh, this evolution is not simply a technology story. It is a customer behavior story.

Payments today sit at the intersection of technology, regulation, commerce, consumer trust, and financial inclusion. Every innovation in the space must answer a practical question: does it make transactions more secure, more seamless, more accessible, and more useful for the customer?
 

Instant Issuance And The Activation Challenge

One of the strongest themes in the conversation is the growing importance of instant card issuance. Traditionally, customers had to go through manual onboarding, documentation, underwriting, account setup, card production, personalization, dispatch, and delivery before they could begin transacting.
 

Embedded Finance And Contextual Credit

The episode also explores embedded finance and the growing presence of financial products inside platforms customers already use. Whether through marketplaces, delivery apps, super apps, banking apps, or high-frequency consumer platforms, credit products are increasingly becoming part of everyday digital journeys.
 

Why Physical Cards Still Matter

Despite the rapid rise of digital payments, Naresh believes physical cards will continue to play an important role. Cards are not just transaction tools. They are brand touchpoints and relationship-building instruments.
 

Credit Cards In A UPI-First Market

India’s real-time payment ecosystem has changed consumer behavior dramatically. UPI has made small-ticket payments instant, mobile-first, and widely accepted. However, Naresh argues that credit cards still create distinct value when they evolve with user expectations.
 

Security, Trust, And Leadership In Payments

Innovation in payments must always be balanced with security. Naresh highlights three priorities that leaders must keep in focus: security, seamless experience, and trust.
 

Key Takeaways

 

• Payments are not just about moving money; they enable trust, inclusion, convenience, and economic activity

• Instant card issuance reduces onboarding delays and improves activation rates

• Virtual cards and wallet provisioning help customers transact before physical cards arrive

• Speed is no longer only a convenience feature; it is tied to customer engagement and retention

• Embedded finance makes credit more contextual and available at the point of need

• Banks, fintechs, and technology providers must collaborate to deliver scalable, real-time issuance

• Physical cards remain important as brand touchpoints, fallback options, and relationship-building tools

• Premium cards help banks create emotional value and customer recognition

 

About Naresh Rao

Naresh Rao is the VP & Sales Head Issuance Products at Giesecke & Devrient India. With over two decades of experience in payments, card issuance, EMV migration, instant issuance, virtual cards, and digital payment infrastructure, he has worked closely with financial institutions to build secure, scalable, and customer-centric payment solutions.

His career has followed the transformation of India’s payments ecosystem from cash-heavy models and magnetic stripe cards to EMV, virtual cards, mobile wallets, tokenization, UPI-linked credit, and premium issuance products. Naresh brings a practical and deeply experienced view of how banks and fintechs can evolve payment products around speed, trust, convenience, and customer behavior.