Neobanks on domestic card networks
RuPay in India, Verve in Nigeria, Mada in Saudi Arabia: domestic schemes with cheaper interchange and, increasingly, regulatory pressure to keep everyday payments on local rails. Cards on these networks are usually cheaper to run and harder to use abroad, which is the trade being made.
All 16 neobanks on domestic card networks
| neobank | type | hq | custody | license / structure | reported users |
|---|---|---|---|---|---|
| PhonePe | traditional | Bengaluru, IN | Custodial | RBI PPI wallet (e-money issuer) + payment aggregator license (2025); IRDAI insurance broking | 200M MAU (2025) |
| OPay | traditional | Lagos, NG | Custodial | Payment licenses (NG) | 60M users (2024) |
| PalmPay | traditional | Lagos, NG | Custodial | Mobile money license (NG) | 35M users (2025) |
| D360 Bank | traditional | Riyadh, SA | Custodial | Digital bank license (SAMA); PIF-backed | — |
| FamPay | traditional | Bengaluru, IN | Custodial | Partner bank (IDFC FIRST Bank) — co-branded RBI prepaid payment instruments; RuPay/Visa cards | — |
| GrabPay | traditional | Singapore, SG | Custodial | Major payment institution (MPI) license (MAS Singapore, PS20200167); e-money issuer | — |
| Jio Payments Bank | traditional | Mumbai, IN | Custodial | Payments bank license (RBI) | — |
| Mahila Money | traditional | Delhi, IN | Custodial | No own license; lends on RBI-licensed NBFC partners' rails (Capital Trade Links, RupeeCircle) | — |
| Moniepoint | traditional | Lagos, NG | Custodial | MFB + switching licenses (NG) | — |
| Nyla | traditional | Lagos, NG | Custodial | Partner banks — tech company, not a bank; launching in Ghana via a licensed commercial bank (Islamic window) | — |
| Paytm | traditional | Noida, IN | Custodial | UPI TPAP riding on partner banks (Axis, Yes Bank, SBI, HDFC); wallet wound down with bank unit | — |
| STC Bank | traditional | Riyadh, SA | Custodial | Digital bank license (SAMA) | — |
| T-Bank | traditional | Moscow, RU | Custodial | Russian banking license | — |
| Tweeq | traditional | Riyadh, SA | Custodial | SAMA e-money license | — |
| Uzum | traditional | Tashkent, UZ | Custodial | Bank license (UZ) | — |
| Vision Bank | traditional | Riyadh, SA | Custodial | Full Saudi digital bank license (SAMA); full operations approved Sep 2025 | — |
Common questions
Neobanks on domestic card networks: how many are there?
16 of the 381 neobanks tracked here are neobanks on domestic card networks. Every entry is verified active and listed on this page with its custody model, license detail and the regions it serves.
Which are the biggest neobanks on domestic card networks?
By self-reported users, PhonePe, OPay and PalmPay. Only 3 of these 16 disclose a user figure, so treat any ranking by size as partial rather than complete.
What does this category actually mean?
RuPay in India, Verve in Nigeria, Mada in Saudi Arabia: domestic schemes with cheaper interchange and, increasingly, regulatory pressure to keep everyday payments on local rails. Cards on these networks are usually cheaper to run and harder to use abroad, which is the trade being made.
Related
Neobanks with no card of their own (66) · Neobanks that issue a Visa card (184) · Neobanks that issue a Mastercard (150)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.