Unlimit, a global fintech company, has announced its entry into the Indian market, accompanied by the receipt of its Reserve Bank of India (RBI) Online Payment Aggregator license. This development grants Unlimit authorization to operate as a payment service provider in the region.
With this license, Unlimit is set to offer a range of payment services and methods, aimed at assisting local businesses in expanding their reach to a broader audience. The timing of Unlimit’s entry into the Indian market coincides with substantial growth in digital commerce within the country.
According to projections from Statista, digital commerce is anticipated to be the largest sector within the region’s electronic payments industry in 2024, with a projected total transaction value of US$211.30 billion. Furthermore, the total digital payments transaction value in the region is expected to reach US$254.60 billion by 2024 and US$394.40 billion by 2028, with an annual growth rate of 11.56%.
Meanwhile, Revolut India has obtained an in-principle authorization from the RBI to issue Prepaid Payment Instruments, expanding its existing permissions to operate as an Authorized Dealer Category II (ADII), as reported by Finance Magnates.
The acquisition of the RBI license has followed closely on the heels of Unlimit securing its Bank of Tanzania license and expanding its presence in the African region.
Asheesh Agrawal, the CEO of Unlimit India, said: “Unlimit’s launch in India is a logical next step in our global expansion strategy and a testimony of our commitment to continuously empower businesses worldwide with a reliable and secure payment experience. Securing the RBI Online Payment Aggregator license is a significant moment for us, allowing us to support the evolution of the local digital payments landscape and to bring our comprehensive suite of payment solutions to the local business community.”
