In a significant move for global fintech, Unlimit has announced its expansion into the Indian market, having secured the coveted Online Payment Aggregator license from the Reserve Bank of India (RBI). This development marks a crucial step in the company’s strategic push into international markets.
Entering a Booming Market
The entry of Unlimit into India is strategically timed to capitalize on the burgeoning digital commerce sector within the country. With a projected transaction value in digital commerce reaching US$211.30 billion in 2024 alone, India presents a fertile ground for advanced payment solutions that cater to a rapidly growing base of digital consumers and businesses. Overall digital payments in the region are expected to swell to US$254.60 billion this year, with a robust growth forecast of 11.56% annually, potentially reaching US$394.40 billion by 2028.
Enhancing Payment Experiences
As an authorized payment service provider, Unlimit is now poised to introduce a wide array of payment services and methods aimed at helping local businesses extend their market reach and enhance consumer engagement. Asheesh Agrawal, CEO of Unlimit India, emphasized that this move is a “logical next step” in the company’s global strategy. Agrawal highlighted the importance of this expansion for providing a “reliable and secure payment experience” to Indian businesses and consumers alike.
A Strategic Expansion
This latest venture follows Unlimit’s recent acquisition of a similar license from the Bank of Tanzania, which marked the beginning of its expansion into the African market. These consecutive expansions underscore Unlimit’s commitment to enhancing the global digital payments infrastructure, demonstrating its dedication to supporting the evolving needs of businesses worldwide.
With its new RBI license, Unlimit is set to significantly impact the digital payments landscape in India, providing comprehensive, secure, and innovative payment solutions that promise to support and stimulate further growth in the digital economy of one of the world’s most dynamic regions.