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.

License Enables Expansion of Payment Services

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.

CEO Expresses Confidence in Indian Market Entry

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.”

This article was written by Tareq Sikder at www.financemagnates.com.

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