Unlimit secures RBI’s Payment Aggregator License, launches operations in India

By Gloria Mathias

Unlimit, the global FinTech company has announced its entry into the Indian market and the receipt of its Reserve Bank of India (RBI) Online Payment Aggregator license, marking an important milestone in the company’s global expansion strategy.

This development authorises Unlimit to operate as a payment service provider in the region, enabling the delivery of a wide range of payment services and methods to help local businesses expand their reach to a larger audience.

Unlimit’s launch of operations in India is timely as the country is experiencing major growth in digital commerce, which is increasing demand for faster and more secure payment solutions.

According to Statista, the region’s largest electronic payments sector in 2024 will be digital commerce, with a projected total transaction value of $211.30bn. The region’s total digital payments transaction value is projected to reach $254.60bn in 2024, and $394.40bn by 2028, with an annual growth rate of 11.56%.

Asheesh Agrawal, 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.”

The receipt of the RBI license follows closely behind Unlimit receiving its Bank of Tanzania (BOT) license and expanding its presence in the African region.