Infibeam Avenues Launches RediffPay with NPCI TPAP License

Infibeam Avenues has announced that its subsidiary, Rediff.com, has successfully obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for the digital payment platform RediffPay. The company disclosed that the NPCI confirmed the approval through official communication on Friday, with Axis Bank acting as the Payment System Provider (PSP).

RediffPay’s Role in Digital Payments

This TPAP license empowers RediffPay to deliver Unified Payments Interface (UPI) services to its users, marking a significant move by Infibeam Avenues into the consumer-focused digital payment sphere. The subsidiary applied for the TPAP license post its acquisition of a controlling interest in Rediff in 2024.

Previous Developments

In September of last year, startup Superb reported this significant development exclusively. Infibeam Avenues took a bold step in August 2024 by acquiring a 54% stake in Rediff.com India, aiming to relaunch the platform as a digital financial services aggregator targeting consumers.

Vision for Financial Inclusivity

Vishal Mehta, the Chairman and Managing Director of Infibeam Avenues, expressed enthusiasm about the achievement, stating that the TPAP license allows the company to expand UPI services through RediffPay. This milestone reflects the firm’s commitment to enhancing financial inclusivity and providing seamless digital payment solutions across India.

Future Plans for RediffPay

RediffPay intends to leverage the significant web traffic of Rediff alongside Infibeam’s fintech acumen to create an accessible platform for secure and effective digital transactions. The company is set to roll out a variety of financial services, including credit offerings and wealth management products, to meet its users’ diverse needs.

Recent Achievements of Infibeam Avenues

The progress of Infibeam Avenues aligns with their recent accomplishments, such as securing final authorization from the Reserve Bank of India to function as a Payment Aggregator through their flagship payment gateway brand CCAvenue. This authorization further strengthens their position in the market.

Financial Growth

The company’s operational revenue surged to Rs 1,070 crore in Q3 FY25 compared to Rs 907 crore in Q3 FY24. Additionally, the profit after tax saw a remarkable increase of 50% reaching Rs 64.4 crore during the same period.