Infibeam Avenues acquired a 54% stake in Rediff in 2024 for Rs500m ($5.7m) and subsequently applied for the TPAP licence. Credit: MacroEcon/ Shutterstock.

Indian fintech Infibeam Avenues announced that its subsidiary, Rediff.com India, has been granted a Third-Party Application Provider (TPAP) licence by the National Payments Corporation of India (NPCI) to introduce UPI payments through its digital payment platform, RediffPay.  

This development marks Infibeam Avenues’ foray into the consumer-facing digital payments sector. 

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Axis Bank will serve as the payment system provider (PSP) bank for RediffPay. 

The TPAP licence will enable RediffPay to facilitate Unified Payments Interface (UPI) services, a real-time payment system developed by NPCI that allows inter-bank transactions via mobile phones.  

Infibeam Avenues acquired a 54% stake in Rediff in August 2024 for Rs500m ($5.7m) and subsequently applied for the TPAP licence.  

With the launch of RediffPay, the company aims to capitalise on Rediff’s web traffic and Infibeam’s intech expertise to create a platform for digital transactions. 

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Looking ahead, the company aims to introduce a suite of financial services such as credit and wealth management products. 

Infibeam Avenues managing director and chairman Vishal Mehta said: “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.”  

The latest announcement follows Infibeam receiving final authorisation from the Reserve Bank of India last year to operate as a Payment Aggregator for its flagship payment gateway, CCAvenue.  

Set up in 2001, CCAvenue is an Indian payment gateway that empowers businesses globally to execute e-commerce transactions. 

Infibeam’s clientele includes merchants, enterprises, corporations, governments, and financial institutions. Infibeam operates in the UAE, Australia, and the US.