๐๐๐ Unlimit Jumps into Indian Payments Arena, Clinches #RBI Approval
Unlimit, a leading global fintech firm, has announced its venture into the Indian market, accompanied by the acquisition of its Reserve Bank of India (RBI) Online Payment Aggregator license. This milestone grants Unlimit the official authorization to operate as a payment service provider in the region.
Expanding Payment Services with the License
- With this license in hand, Unlimit is poised to offer a wide array of #payment services and solutions, aimed at aiding local businesses in broadening their customer base. The timing of Unlimit's entry into the Indian market aligns with the significant growth witnessed in digital commerce across the country.
According to projections by Statista, digital commerce is forecasted to emerge as the largest segment within India's electronic payments industry in 2024, with an estimated total transaction value of US$211.30 billion. Moreover, the total value of digital payments transactions in the region is expected to surge to US$254.60 billion by 2024 and further to US$394.40 billion by 2028, showcasing an annual growth rate of 11.56%.
In parallel developments, Revolut India has secured an in-principle authorization from the RBI to issue Prepaid Payment Instruments, expanding its existing permissions to function as an Authorized Dealer Category II (ADII), as reported by Finance Magnates.
The attainment of the RBI license closely follows Unlimit's acquisition of its Bank of Tanzania license, marking its expansion efforts into the African region.
Asheesh Agrawal, CEO of Unlimit India, expressed excitement about the company's debut in India, highlighting it as a strategic step in their global expansion plans. Obtaining the RBI Online Payment Aggregator license is a significant milestone, allowing them to offer comprehensive payment solutions and contribute to the local digital payments ecosystem.
Source - financemagnates.com