Findi Aims to Double Margins with New Digital Payment Licences

Findi’s Strategic Push into India’s Digital Payments

Findi Limited (ASX – FND) has announced a significant step forward in its ambition to become a fully-fledged payments bank in India by applying for two critical licences from the Reserve Bank of India (RBI) – one to operate as a Prepaid Payment Instrument (PPI) issuer and another as a Payment Aggregator and Payment Gateway (PA-PG). These licences are poised to transform Findi’s role in India’s rapidly evolving digital payments landscape.

India’s payments ecosystem is at a crossroads, balancing a vast cash-first population with a growing digital-first segment. Findi’s move aims to bridge this divide by enabling customers, many of whom lack traditional bank accounts, to access digital payment services through wallets and prepaid cards. This could unlock financial inclusion for approximately 550 million Indians currently outside the formal banking system.

Unlocking New Revenue and Margin Expansion

By securing the PPI licence, Findi expects to nearly double its product margins, moving away from reliance on third-party providers to direct control over prepaid instruments. This shift will allow the company to capture transaction fees, float income, distribution margins, and monetise data-driven value-added services. The existing infrastructure of over 4,400 White Label ATMs and 200,000 merchant outlets provides a strong foundation to scale these offerings efficiently.

The PA-PG licence complements this by enabling Findi to offer a regulated, real-time digital payments platform that supports multiple payment modes including UPI, cards, net banking, and wallets. This platform will empower merchants, especially small and semi-urban businesses, to accept digital payments with greater ease and trust, addressing common barriers such as technology complexity and cost.

Bridging Cash and Digital Ecosystems

Findi’s approach is notably inclusive, maintaining an assisted-fintech model that allows customers to transition to digital payments at their own pace while still relying on cash where necessary. Local stores will serve as trusted hubs for wallet loading, onboarding, and payment assistance, reinforcing community trust and adoption.

Beyond payments, the licences open doors to sector-specific applications such as education, healthcare, micro-credit, insurance, and e-commerce. This positions Findi not just as a payments provider but as a broader digital commerce enabler in India’s diverse economy.

Leadership Perspective and Market Implications

Executive Chairman Nicholas Smedley emphasised the licences’ role in empowering individuals and merchants alike, supporting government financial inclusion goals, and strengthening Findi’s product ecosystem. The company’s vision is to create seamless, secure, and accessible digital payment experiences that respect the realities of India’s mixed cash and digital economy.

While the licences are pending regulatory approval, their potential impact is substantial. They could accelerate Findi’s growth trajectory, deepen merchant loyalty, and unlock new revenue streams in one of the world’s largest and fastest-growing digital payments markets.