Company:GlobalPay

From HandWiki
WSFX Global Pay
FormerlyWall Street Finance Limited
TypePublic
BSE: WSFX
IndustryForeign exchange; payments
Founded1986
FounderDilip Modi
Headquarters
Mumbai
,
India
Number of locations
21 branches (2025)[1]
Key people
Dilip Modi (founder and chairman); Srikrishna Narsimhan (whole-time director and CEO)
ProductsForeign exchange; outward remittances; prepaid forex cards
Number of employees
350+ (2025)[2]
Websitewww.wsfx.in[3]

WSFx GlobalPay Limited (formerly Wall Street Finance Limited), branded as GlobalPay, is a public financial services company founded in 1986 and headquartered in Mumbai. The company is listed on the BSE[4] specializing in cross border payments solutions with 21 branches in Pan India and 850+ corporates and 500+ channel partners.

History

Now GlobalPay know formerly as Wall Street Finance Limited was established in 1986 in Mumbai by Asgar Shakoor Patel.[5] In 1991, it became the first listed company in India to obtain an FFMC (Full-Fledged Money Changer) license from RBI. The company operated as a non‑banking finance company with an authorised money–changing licence and became one of the principal agents of Western Union, running a nationwide network of money‑transfer locations.[6]

In 2006, it became the first FFMC in India to be upgraded to an AD-II license. In September 2008 Reliance Money Express (part of the Anil Ambani-led Reliance ADA Group) acquired about a 36 percent stake in Wall Street Finance.[7] The following year B. K. Modi’s Spice Group agreed to acquire a majority stake from Reliance Money Express and other investors.[8]

In February 2010 Bhupendra Kumar Modi resigned as chairman of Wall Street Finance. His son, Dilip Modi, was appointed chairman and additional director.[9] Around the same time, the company named Rajeev Maheshwari as chief executive officer.[10]

In August 2017 the company sold its inward international remittance business to ItzCash (owned by the US firm Ebix) for US$7.4 million. Sale included Wall Street Finance’s inward money transfer business and its Goldman Securities subsidiary.[11]

In January 2023 the company changed its name from Wall Street Finance Limited to WSFx Global Pay Limited. The scrip code WSFIN was changed to WSFX.[12] The company was listed on BSE under the fintech category.

In December 2024, the company launched the GlobalPay Student Visa forex card, a reloadable prepaid card aimed at Indian students studying abroad.[13]

In April 2025, the company launched the GlobalPay Lifestyle Travel Card, its first direct‑to‑consumer (D2C) product. It was built in partnership with Visa, M2P, and other service providers.[14]

Operations and services

GlobalPay provides its own forex cards, outward remittance and foreign exchange services through its digital platform and branch network. Its offerings include tuition fee payments for overseas education, living expense remittances, travel-related forex transactions, and prepaid Forex card issuance, carried out in compliance with RBI and FEMA regulations.[15] GlobalPay is a financial services platform offering customer onboarding, KYC verification, LRS checks, A2 form generation, TCS computation, and compliance workflows. It provides foreign exchange services with rate-lock options, SWIFT and UETR tracking, and supports remittances linked to education loans via banks and NBFCs. The company also issues single and multi-currency forex cards managed through its mobile app, along with currency exchange and travel-related services.[16] The company provides application programming interface (API) integrations for partner institutions, such as NBFCs, universities, and visa service providers.

In 2025, GlobalPay launched its own student and travel forex cards, along with a mobile application for card and remittance management.[17]

Its offerings include digital prepaid services and transit related products, travel insurance, airport lounge access, global eSIM.

The company operates 21 branches across India and employs over 350 people. Dilip Modi serves as founder and chairman, with Srikrishna Narsimhan as Whole-Time Director and Chief Executive Officer.[18]

GlobalPay partners with several banking institutions, including IndusInd Bank, YES Bank, IDFC First Bank, HDFC Bank, ICICI Bank, and NBFCs such as Credila, Poonawalla Fincorp, and Tata Capital. Other partners include Zaggle, Visa, Dreamfolks, Razorpay, PayU, Easymytrip, Cashfree, Zetexa (global eSIM), and Asego (travel insurance).[19]

Licences

WSFx Global Pay holds an Authorised Dealer – Category II licence from the Reserve Bank of India, which permits it to provide outward remittances and other foreign exchange services.[20] The company is certified under the ISO/IEC 27001:2022 information security standard and is compliant with the Payment Card Industry Data Security Standard (PCI DSS 4.0.1 certification). It is a Visa Principal Member and is among the few non-bank AD-II entities in India authorised to issue prepaid forex cards. In 2021, GlobalPay participated in the Reserve Bank of India’s second regulatory sandbox cohort, which focused on innovations in cross-border payments.[21]

References

  1. ↑ "WSFX Global Pay (WSFX) Stock Details". https://www.etnownews.com/stocks/wsfx-global-pay-share-price-stockdetail-111147. 
  2. ↑ "WSFX Global Pay (WSFX) Stock Details". https://www.etnownews.com/stocks/wsfx-global-pay-share-price-stockdetail-111147. 
  3. ↑ "WSFX Global Pay – Official website". https://www.wsfx.in. 
  4. ↑ "511147.IN | WSFx Global Pay Ltd. Quarterly Cash Flow - WSJ". https://www.wsj.com/market-data/quotes/IN/511147/financials/quarter/cash-flow. 
  5. ↑ Editor, By Saifur Rahman, Business (2018-09-15). "Indian businessman sells Wall Street Exchange stake" (in en). https://gulfnews.com/business/markets/indian-businessman-sells-wall-street-exchange-stake-1.977982. 
  6. ↑ "Reliance ADAG Acquires Stake In Forex Company Wall Street Finance" (in en-US). https://www.vccircle.com/reliance-adag-acquires-stake-forex-company-wall-street-finance. 
  7. ↑ "Reliance ADAG Acquires Stake In Forex Company Wall Street Finance" (in en-US). https://www.vccircle.com/reliance-adag-acquires-stake-forex-company-wall-street-finance. 
  8. ↑ "WSFx Global Pay Launches Student Pay - Visa Forex Card". The Times of India. 2024-12-23. ISSN 0971-8257. https://timesofindia.indiatimes.com/business/india-business/wsfx-global-pay-launches-student-pay-visa-forex-card/articleshow/116589870.cms#:~:text=WSFx%20is%20part%20of%20Spice,presence%20in%20the%20fintech%20sector. 
  9. ↑ Press Trust of India (19 February 2010). "B K Modi quits as Chairman of Wall Street Finance". Mumbai. https://www.business-standard.com/amp/article/companies/b-k-modi-quits-as-chairman-of-wall-street-finance-110021900134_1.html. 
  10. ↑ "Rajeev Maheshwari appointed Wall Street Finance CEO". The Times of India. 2010-02-22. ISSN 0971-8257. https://timesofindia.indiatimes.com/business/india-business/rajeev-maheshwari-appointed-wall-street-finance-ceo/articleshow/5602167.cms. 
  11. ↑ "Itzcash's parent acquires international remittance biz of Wall Street Finance". The Times of India. 2017-08-18. ISSN 0971-8257. https://timesofindia.indiatimes.com/deals/-ma/itzcashs-parent-acquires-international-remittance-biz-of-wall-street-finance/articleshow/60115123.cms. 
  12. ↑ "W.e.f 19-Jan: New Identity for Wall Street Finance Ltd." (in en-GB). https://www.angelone.in/announcements/market/w-ef-19-jan-new-identity-for-wall-street-finance-ltd. 
  13. ↑ "WSFx Global Pay Launches Student Pay - Visa Forex Card". The Times of India. 2024-12-23. ISSN 0971-8257. https://timesofindia.indiatimes.com/business/india-business/wsfx-global-pay-launches-student-pay-visa-forex-card/articleshow/116589870.cms#:~:text=Mumbai:%20WSFx%20Global%20Pay,%20formerly,offers%20zero%20forex%20conversion%20charges. 
  14. ↑ Standard, Business. "WSFx forays into D2C with launch of Global Pay Lifestyle Travel Card" (in en-US). https://www.business-standard.com/markets/capital-market-news/wsfx-forays-into-d2c-with-launch-of-global-pay-lifestyle-travel-card-125041200392_1.html. 
  15. ↑ "Reliance ADAG Acquires Stake In Forex Company Wall Street Finance" (in en-US). https://www.vccircle.com/reliance-adag-acquires-stake-forex-company-wall-street-finance. 
  16. ↑ "WSFx Global Pay Launches Student Pay - Visa Forex Card". The Times of India. 2024-12-23. ISSN 0971-8257. https://timesofindia.indiatimes.com/business/india-business/wsfx-global-pay-launches-student-pay-visa-forex-card/articleshow/116589870.cms#:~:text=Mumbai:%20WSFx%20Global%20Pay,%20formerly,global%20acceptance%20through%20Visa%E2%80%99s%20network. 
  17. ↑ Standard, Business. "WSFx forays into D2C with launch of Global Pay Lifestyle Travel Card" (in en-US). https://www.business-standard.com/markets/capital-market-news/wsfx-forays-into-d2c-with-launch-of-global-pay-lifestyle-travel-card-125041200392_1.html. 
  18. ↑ "WSFx Global Pay Launches Student Pay - Visa Forex Card". The Times of India. 2024-12-23. ISSN 0971-8257. https://timesofindia.indiatimes.com/business/india-business/wsfx-global-pay-launches-student-pay-visa-forex-card/articleshow/116589870.cms. 
  19. ↑ "WSFx Global Pay Launches Student Pay - Visa Forex Card". The Times of India. 2024-12-23. ISSN 0971-8257. https://timesofindia.indiatimes.com/business/india-business/wsfx-global-pay-launches-student-pay-visa-forex-card/articleshow/116589870.cms. 
  20. ↑ "WSFX Stock Report - WSFX Stock Insights, WSFX Stock Analysis and details". https://economictimes.indiatimes.com/wsfx-global-pay-ltd/stockreports/reportid-11967.cms. 
  21. ↑ "GoIndiaStocks - Unbiased & Balanced" (in en). https://www.goindiastocks.com/. 




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