Unlimit, a global fintech company, has announced its entry into the Indian market, accompanied by the receipt of an online payment aggregator license from the Reserve Bank of India (RBI). This development gives Unlimit a license to operate as a payment services provider in the region.
The license allows expansion of payment services
Through this license, Unlimit is set to offer a range of payment services and methods, aimed at helping local businesses expand their reach to a wider audience. The timing of Unlimit's entry into the Indian market coincides with the significant growth in digital commerce within the country.
According to Statista forecasts, digital commerce is expected to be the largest sector of the electronic payments industry in the region in 2024, with an expected total transaction value of US$211.30 billion. Furthermore, the total value of digital payments transactions 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 received an in-principal license from the Reserve Bank of India (RBI) to issue prepaid payment instruments, expanding its existing permissions to operate as a Class II Authorized Distributor (ADII), Finance Magnates reported.
The CEO expresses his confidence in entering the Indian market
The acquisition of the Reserve Bank of India (RBI) license follows Unlimit acquiring a Bank of Tanzania license and expanding its presence in the African region.
“Launching Unlimit in India is a logical next step in our global expansion strategy and a testament to our commitment to continuously empower businesses around the world with a reliable and secure payment experience,” said Ashish Agrawal, CEO, Unlimit India. Obtaining RBI Online Payment Aggregator license is marks an important moment for us, allowing us to support the evolution of the local digital payments landscape and deliver our comprehensive range of payment solutions to the local business community.
This article was written by Tariq Sikdar at www.financemagnates.com.