Infibeam Avenues Limited, a well-known Indian fintech company, has announced that its subsidiary, Rediff.com India Ltd., has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This license allows RediffPay, Rediff’s digital payment platform, to offer Unified Payments Interface (UPI) services. The move marks Infibeam Avenues’ expansion into the consumer digital payments sector.
What TPAP License Means for RediffPay
The TPAP license from NPCI enables RediffPay to provide UPI-based payment solutions, making digital transactions easier and more accessible for users across India. UPI is one of the most popular payment systems in the country, allowing instant money transfers, bill payments, and online purchases with just a mobile number or UPI ID.
As part of the agreement, Axis Bank will serve as the Payment System Provider (PSP) bank for RediffPay. This means that Axis Bank will handle the backend processing of UPI transactions, ensuring smooth and secure digital payments.
Strategic Move into Digital Payments
Infibeam Avenues, a leading financial technology company, has been expanding its digital payment offerings. The company had applied for the TPAP license after acquiring a controlling stake in Rediff in August 2024. With this approval, Infibeam is strengthening its position in the competitive fintech market by offering a seamless and secure digital payment platform through RediffPay.
Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd., expressed his excitement about the development. He stated, “We are thrilled that our subsidiary company has received the TPAP license from NPCI, which allows us to extend UPI services through RediffPay. This milestone aligns with our vision to enhance financial inclusivity and offer seamless digital payment solutions to consumers across India.”
How RediffPay Plans to Compete
With its new license, RediffPay plans to leverage Rediff’s long-standing presence in India’s internet space and Infibeam’s expertise in fintech to create a user-friendly payment platform. RediffPay aims to make digital transactions safer, faster, and more convenient for Indian consumers.
In addition to offering UPI transactions, RediffPay is expected to introduce various financial services, including credit solutions and wealth management products. These features will provide users with a one-stop platform for their digital financial needs.
Infibeam Avenues Growing Presence
The approval of RediffPay’s UPI services follows another recent milestone for Infibeam Avenues. The company recently received final authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator for its flagship payment gateway, CCAvenue. This shows Infibeam’s commitment to growing its influence in India’s digital payment sector.
Founded in 1996 by Ajit Balakrishnan, Rediff.com is one of India’s oldest and most recognized internet businesses. It has evolved over the years, offering news, cloud-based enterprise email storage, and collaboration tools. Now, with the launch of RediffPay’s UPI services, Rediff is stepping into the fintech space, bringing a new dimension to its business model.
With RediffPay’s entry into digital payments, Infibeam Avenues is set to strengthen its role in India’s growing fintech ecosystem. The move will allow Indian consumers to enjoy seamless UPI transactions while expanding Rediff’s reach in the digital finance sector.
