Given the large number of such cards being issued and the number of outlets through which they are issued, as a Regulator of the Payment and Settlement Systems in the country, it is difficult to contain the risk of anonymity in a MSP led model.
Let me add here that the M-PESA model has the comfort of a National-ID scheme which is in existence in Kenya. Interestingly, as per the indications available on the UID Project, the team is veering round to the bank led model to further financial inclusion in India.