Infibeam Avenues Limited, a prominent player in the fintech sector, has achieved a significant milestone by securing a license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay. This approval allows RediffPay to operate as a Third-Party Application Provider (TPAP) and facilitates Unified Payments Interface (UPI) services, marking a key advancement in the company’s digital financial services.
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It is a significant development for Infibeam Avenues, especially in the aftermath of acquiring a controlling stake in Rediff.com India last year in 2024. On earlier occasions, the company had demonstrated its intent to expand its consumer-facing digital payments business further by itself, and this license paves the way for RediffPay to offer direct to the customer UPI services seamlessly. Axis Bank will function as the PSP behind this initiative, further strengthening the partnership.
Chairman and Managing Director of Infibeam Avenues Vishal Mehta said that this development is strategically important for the company. Receiving the TPAP license enhances the company’s mission of providing services in “financial inclusiveness” as well as “easy and user-friendly digital payment solutions.” It aims to seize a substantial web traffic advantage from Rediff.com along with fintech expertise from Infibeam to create a seamless digital payments experience.
Besides UPI services, RediffPay will offer a range of financial products, including credit and wealth management solutions, to cater to diverse consumer needs. This will help in enhancing user engagement and broadening the appeal of the platform.
The developments follow Infibeam Avenues’ earlier achievement in securing final approval from the RBI to operate as a Payment Aggregator by its flagship payment gateway, CCAvenue. With both the licenses, RediffPay is all set to become a tough contender in the rapidly evolving Indian digital payments ecosystem.
The Indian digital payments landscape is bound to grow exponentially because of the deepening penetration of smartphones and continuing shift towards less-cash transactions. Infibeam Avenues, with its wide pool of client base and international operations in the UAE, Australia, and others in the U.S., is all set to capture this trend.
With the company set to launch its UPI services, industry experts believe that RediffPay will have a significant share of the market. The inclusion of advanced features and financial products will attract a wide range of customers, which will further enhance competition in the fintech space.
In summary, Infibeam Avenues’ acquisition of the TPAP license for RediffPay is a strategic move that strengthens its digital payment capabilities while furthering the objective of financial inclusion in India. As the platform evolves, it is poised to play a pivotal role in how consumers engage with digital finance.
