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Bengaluru, February 07, 2025 – Infibeam Avenues Limited, a listed fintech company, is pleased to announce that its subsidiary, Rediff.com India Ltd., has been granted a Third-Party Application Provider (TPAP) license by the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay.
As per the official communication received by Rediff from National Payments Corporation of India (NPCI) on Friday, it has been informed about the approval of TPAP license and also that Axis Bank will act as Payment System Provider (PSP) bank.
This license enables RediffPay to offer Unified Payments Interface (UPI) services to its users, marking Infibeam Avenues’ strategic entry into the consumer-facing digital payments sector. The company had previously applied for the TPAP license following its acquisition of a controlling stake in Rediff in 2024.
Mr. Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd., 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.”
RediffPay aims to leverage Rediff’s substantial web traffic and Infibeam’s fintech expertise to provide a user-friendly platform for secure and efficient digital transactions. The company plans to introduce a range of financial services, including credit and wealth management products, to cater to the diverse needs of its users.
This development follows Infibeam Avenues’ recent achievements, including receiving the final authorization from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway brand, CCAvenue.
With the TPAP license, RediffPay is poised to become a significant player in India’s digital payments landscape, contributing to the nation’s ongoing digital transformation.
