India has become a nation known for financial innovation, with the widespread adoption of the UPI payment system and new approaches to lending and insurance that have helped democratize personal finance. But one area that has lagged behind is the credit card sector. Today, there are roughly 50 million credit card holders in India—seemingly a large number until you consider a population of nearly 1.5 billion. By contrast, the U.S., with about one-quarter of India’s population, has more than 600 million credit cards in circulation.
“A decade ago, credit cards in India were restricted to the urban, high-end segment,” said Vibhav Hathi, Co-Founder and Chief Marketing Officer at FPL. “It has become much more widespread, but it’s still an aspirational product.”
In a market where many consumers are still deciding whether they need their first credit card, it’s understandable that an aspirational metal card once seemed far-fetched. When FPL first explored the idea, plenty of people warned it wouldn’t fly.
But fly it did. With the help of CompoSecure, the FPL card not only succeeded but carved out an entirely new market by bucking conventional wisdom.
Finding a Differentiator
Given that India has more than a billion people without a credit card, there was clearly room for a new entrant.
“India is a terrific country for payment cards,” said Brian Riley, Director of Credit at Javelin Strategy & Research. “The Reserve Bank of India has helped democratize credit cards and enable borrowing in the nation. It is an exciting market, where 15% to 20% annual growth has been common.”
The important question was how FPL’s card could differentiate itself. With 45 cards already on the market, FPL would be entering as the 46th. Competing directly with the country’s largest card issuers made little sense for FPL, which was known for its user-friendly digital credit products developed in partnership with some of India’s major banks.
So how could FPL’s brand stand out? The answer was a physical metal card—attention-getting yet classy, and definitely not your father’s credit card. Hathi and CompoSecure recognized that the card could appeal to a market defined not by a specific demographic, but by a lifestyle.
“Our demographic segment for adopting metal was somebody who was ready to try something new,” said Hathi. “Imagine a 28-year-old software engineer who uses a QR code for a half-dollar transaction. When he or she goes to a fine dining restaurant or goes out with a group of friends, they want to flash something. It gives them a status symbol.
“That’s the demographic,” he said. “Somebody who wants to be the early adopter, somebody who wants to try out something new, somebody who’s known for adopting newer technologies.”
Three Distinct Personalities
CompoSecure further refined this target market into three distinct personas: elites, innovators, and the aspirational.
Elites represent consumers with a certain level of wealth and social status. They tend to be interested in the arts and social causes and respond to messaging around exclusivity, prestige, and scarcity. These customers want a premium feel to their physical card.
Innovators are typically mobile natives—millennials or Gen Z—who respond to messaging centered on innovation and trendiness.
Then there’s the aspirational group, known as HENRYs: high earners, not rich yet. For them, the metal card—long associated with the elite—signals the future status they aspire to.
For all three segments, the metal card elevates the credit card from a rational, transactional product to an emotionally resonant one.
“The card’s weight adds appeal, and the plunk of the metal card on a countertop has a special ring,” said Riley. “When you add in the importance of card branding, particularly as e-commerce overtakes retail sales volume, the payment card itself helps endear the customer to the issuer, and that is also a plus for the metal card.”
Rolling the Card Out
With the decision to launch a metal card made, the next step was to design and roll out the product. FPL needed to ensure that the card was more than a gimmick—it had to be a world-class offering capable of standing alongside the leading products in the category.
To reinforce the distinctiveness of the metal card, FPL created a more tangible, sensory experience. With every transaction, customers received a notification that played a metallic “clink,” echoing the sound of the card itself and adding a multisensory dimension to the brand.
Beyond prestige, metal cards are more durable than plastic, and FPL leaned into that attribute. Sustainability is top-of-mind for many consumers in India. One motorcycle manufacturer, for example, reclaimed metal from a prominent retiring warship and used it to build a limited-edition bike, which quickly became a collector’s item. Hathi wanted FPL’s metal card to evoke a similar sense of meaningful material and enduring value.
“What is the story behind my metal card?” Hathi asked. “Is it bringing purpose to somebody somewhere? Is it recyclable? Is it improving someone’s life?”
Falling in Love
When the card launched, reactions were immediate. Customers fell in love with it, forming an emotional connection that’s rare for a credit card. Some users posted unboxing videos on social media, while others even used the card to slice their birthday cake. They wanted the card woven into every aspect of their lives, creating a level of loyalty that quickly made it their primary payment choice.
“A consumer would say, ‘Oh, is this an Indian card?’” said Hathi. “They felt proud when they went beyond India, when they were making a transaction at a restaurant and their card felt as good as any other global card. We had a customer who used it at a hundred restaurants, and we asked him why. He said, ‘I became the cool guy. I had something which others did not have.’”
The success of FPL’s metal card was amplified by its partnership with a trusted, experienced collaborator like CompoSecure, which has supported more than 150 different payment card programs. The card’s distinctive look and feel proved to be far more than a branding play—it became a serious business driver, delivering significant ROI along with strong consumer preference and loyalty.
“Metal cards are not a passing fancy,” said Riley. “They are standard-issue products for luxury cards, and they have a broad appeal to younger age groups. Every one of the premium cards in the U.S. market today, things like Sapphire and Platinum and so forth, gravitate towards a metal card, for good reasons, You will be seeing more of them in the years to come.”
