Findi Limited (ASX: FND) is taking the next step in building its presence in India’s fast-growing digital payments market. The company has applied to the Reserve Bank of India (RBI) for two new licences: one to issue Prepaid Payment Instruments (PPI) and another to operate as a Payment Aggregator and Payment Gateway (PA-PG).
Reserve Bank of India [Retail Banker International]
The move is part of Findi’s broader plan to make digital payments more accessible across India, especially for the millions who still rely on cash and have limited access to formal banking.
Big Market, Big Potential
India, so far, has 480 million active PPI cards. The total is expected to cross 1 billion, with much of the growth coming from rural and semi-urban areas.
Digital wallet and prepaid card payments in India are forecast to grow to around USD 135 billion by 2028, with margins in the sector sitting between 11-13%, according to industry estimates.
Rise of Digital Payments in India [IndiaToday]
Findi sees the new licences as a way to not only tap into this market but also improve its existing business margins, in some areas by as much as 100%.
Bringing Wallets to the Masses
Roughly 550 million Indians still don’t have easy access to formal banking. Findi plans to make digital payments simpler and more accessible to people who still rely on cash.
With the new PPI licence, Findi customers can add money to a wallet or card using cash, a bank account, or other digital options. They can then use it to shop, pay bills, recharge phones, or cover daily expenses, even without a traditional bank account.
Adding Funds to Wallet Instantly [InstantPay]
Aiming to bridge the digital divide across India, the Executive Chairman of Findi, Mr. Nicholas Smedley, said,
“We are empowering individuals and merchants, supporting government goals, strengthening Findi’s product ecosystem, and building the foundation for deeper engagement – across retail and enterprise, urban and rural, cash and digital.
“The licences will provide tools to empower everyday Indians with digital wallets, seamless payments, and access to commerce in ways that are intuitive, secure, and accessible.
Helping Small Merchants Go Digital
The Need for Digital Payments [DigiPay.Guru]
Findi also plans to use the PA-PG licence to support small businesses, many of whom want to accept digital payments but struggle due to tech complexity, trust issues, or costs.
The new platform will allow these merchants to accept payments through UPI, cards, net banking, and wallets, as well as let customers pay for services like education, healthcare, travel, and utilities.
“Through our widespread network, we are enabling customers who have traditionally relied on cash to adopt digital tools at their own pace.
“Importantly, customers can continue to rely on their trusted local store – not just to make cash payments, but also to load funds into digital wallets, seek assistance, and transition into digital usage confidently.
“For merchants, digital payments are not a disruption – they are an additional payment mode, unlocking new revenue opportunities and allowing them to serve both cash and digital customers more efficiently”, said Nicholas Smedley.
Building on an Existing Network
Findi is no stranger to India’s payments space. The company already operates over 4,400 White Label ATMs and has partnerships with more than 200,000 merchant outlets. The new licences will build on this existing network, giving Findi more ways to grow its product offering, strengthen ties with merchants, and expand revenue through transaction fees, float income, and other services.
Beyond payments, the platform will also give customers easier access to basic financial products. This includes options to buy insurance such as life, health, or general cover, along with simple ways to explore savings and investment products like digital gold, SIPs, or mutual fund leads.
Findi’s widespread network of local stores will help customers get started, load money into wallets, and get support when needed. This makes it easier for people to start using digital tools at their own pace, with help they trust.
Growth & Investor Outlook
The latest licence applications are part of Findi’s longer-term vision to become a fully-fledged payments bank in India, supporting both urban and rural communities and making digital financial services more inclusive.
- As of 2 July 2025, Findi Limited (ASX: FND) is trading at AUD 4.06 per share, within a 52-week range of AUD 3.06 to 8.30.
- The Company’s current market capitalisation stands at approximately AUD 251 MILLION, with 62 MILLION shares on issue.
Findi’s plan to expand its payments network and services is another step towards making digital payments and financial tools easier to access across India. The new licences, along with their strong local network, will help more people and businesses use digital payments in a way that suits them.
