Infibeam Avenues' subsidiary Rediff receives TPAP license from NPCI for RediffPay

Indian fintech firm Infibeam Avenues Limited said that its subsidiary, Rediff.com India Ltd., has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay. 

The company said that Axis Bank would act as a Payment System Provider (PSP) bank.

Offering UPI services

The 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 August 2024.

Leadership comments

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd., 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."

Leveraging expertise

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.

What does Rediff do? 

Founded in 1996 by Ajit Balakrishnan, Rediff.com is one of India's oldest and most renowned internet businesses. It provides diverse services, including news, cloud-based enterprise email storage, and collaboration platforms.

Infibeam Avenues is a global financial technology company that offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals