Infibeam Avenues, a major fintech player, has announced that its subsidiary, Rediff.com India, has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). The approval enables RediffPay, its digital payment platform, to offer Unified Payments Interface (UPI) services, marking Infibeam’s expansion into consumer-facing financial solutions.
NPCI Approval and Axis Bank’s Role
NPCI confirmed the approval on 7 February 2025. Axis Bank will act as the Payment System Provider (PSP) bank for RediffPay. With this license, RediffPay is set to integrate UPI, adding another player to India’s fast-growing digital payments sector.
Infibeam Avenues’ Strategy
Infibeam acquired a 54% stake in Rediff.com in August 2024, aiming to transform the platform into a hub for digital financial services. The TPAP license is a step toward that vision.
Vishal Mehta, Chairman and Managing Director of Infibeam Avenues, stated, “This approval allows us to expand UPI services through RediffPay. It aligns with our commitment to financial inclusivity and seamless digital payments for Indian consumers.”
RediffPay’s Roadmap
With the license in place, RediffPay plans to build a secure, user-friendly payment ecosystem. Beyond UPI, the company is considering additional financial services, including credit products and wealth management solutions.
This approval follows Infibeam’s RBI authorization as a Payment Aggregator for CCAvenue, its flagship payment gateway. The company continues to solidify its fintech footprint, expanding both domestically and internationally.
Following the announcement, Infibeam Avenues saw intraday fluctuations, reaching a high of INR 23.68 before closing 0.43% higher at INR 23.25 on the NSE. Investors view the move as a long-term growth opportunity in digital finance.
Infibeam Avenues’ Market Position
Handling transactions worth INR 7 trillion annually (~USD 86 billion), Infibeam serves over 10 million clients across multiple regions, including UAE, Australia, the U.S., and Oman. The company’s expansion into digital payments strengthens its global standing.
Conclusion
The TPAP license for RediffPay marks a pivotal expansion for Infibeam Avenues. With a strong fintech infrastructure and an established digital user base, RediffPay is well-positioned to compete in India’s dynamic payments industry. The company’s focus on financial inclusion and seamless transactions reflects its long-term growth strategy.
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