WSFX Global Pay Limited

Operates as an RBI-authorised Authorised Dealer Category-II (AD-II) cross-border payments and forex fintech, processing outward remittances and selling forex products to Indian customers going abroad. Revenue is earned from four main streams: student remittances (foreign exchange for education abroad), corporate forex and B2B payments, retail leisure/business travel forex including currency notes and cards, and now card distribution to other regulated entities via the GlobalPay Connect platform. The card business — multi-currency forex cards in 30 currencies accepted across 180+ countries, including the Multi-Currency Black Card, Smart Switch Card, and tokenised cards on Samsung Pay and Google Pay — is described as the strategic growth pivot. Distribution combines 25+ physical branches, 850+ corporate relationships and 650+ agents/agents networks, with 60% of transactions now digital and a target of 80% in FY27. The RBI's FEMA 401/2026 circular has expanded the AD-II scope to include trade remittances, family-maintenance ($3bn market) and a Forex Correspondent (FXC) network for appointing partner money changers — these are new revenue vectors rather than existing lines. The company is debt-free, recommended a 15% dividend for FY26, and plans to add Payment Aggregator-Cross-Border (PA-CB) and IFSC Payment Service Provider (PSP) businesses.