Infibeam Avenues’ Rediff.com secures UPI payments licence
12 Feb 2025, 07:00 PMThis license from NPCI enables RediffPay to offer Unified Payments Interface (UPI) services to its users.
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Infibeam Avenues said that its subsidiary Rediff.com has received a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay.
NPCI's official communication confirmed the approval, with Axis Bank serving as the payment system provider (PSP), according to the company.
This license enables RediffPay to offer Unified Payments Interface (UPI) services to its users.
This announcement marks the payment aggregator's entry into the consumer-facing digital payments space.
Infibeam Avenues had applied for the TPAP license following its acquisition of Rediff last year. In August 2024, Infibeam Avenues acquired a 54% stake in Rediff.com India to relaunch Rediff.com in its new avatar as a consumer-facing digital financial services aggregator.
“We are thrilled that our subsidiary has received the TPAP license from NPCI, allowing 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,” said Vishal Mehta, chairman and MD of Infibeam Avenues.
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.
Infibeam’s revenue from operations surged to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24. The company’s profit after tax rose 50% to Rs 64.4 crore during the period.
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