CATALYST is an initiative funded by USAID under the mSTAR Program, through funding provided to FHI 360. Housed within IFMR LEAD, the initiative aims to expand digital payments and financial inclusion in India, especially for small merchants and low-income consumers. Catalyst seeks to bridge the financial divide by solving market failures through a local ecosystem approach. Through its digital payment lab and business incubator, Catalyst works with a range of stakeholders to design, test and validate workable solutions for the underserved and enable evidence-based decision-making to advance policy priorities. Its research and learning activities generate user insights on needs, behaviors, perceptions and motivations. Catalyst’s flagship knowledge forum ‘FINposium’ convenes innovators, policymakers and sector experts to design collaborative solutions to digital payment challenges.