Unlimit, a global financial technology company, has announced its entry into the Indian market, accompanied by the receipt of its online payment aggregator license from the Reserve Bank of India (RBI). This development grants Unlimit permission to operate as a payment service provider in the region.
License allows expansion of payment services
With this license, Unlimit is expected to offer a range of services and payment 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 substantial growth in digital commerce in the country.
According to Statista projections, digital commerce is expected to become the largest sector of the region's electronic payments industry in 2024, with a projected 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 obtained in-principle permission from the RBI to issue prepaid payment instruments, expanding its existing permissions to operate as an Authorized Reseller Category II (ADII), as reported by Finance Magnates.
CEO expresses confidence in entering Indian market
The acquisition of the RBI license followed closely on the heels of Unlimit obtaining its Bank of Tanzania license and expanding its presence in the African region.
Asheesh Agrawal, CEO, Unlimit India, said, “The launch of Unlimit in India is a logical next step in our global expansion strategy and a testament to our commitment to continuously providing businesses across the world with a reliable and secure payment. Obtaining the RBI Online Payment Aggregator license is an important moment for us, allowing us to support the evolution of the local digital payments landscape and bring our full suite of payments solutions to the local business community.
This article was written by Tareq Sikder at www.financemagnates.com.
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