Infibeam Avenues Limited, a leading fintech company, announced that its subsidiary, Rediff.com India Ltd., has secured approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) through its digital payment platform, RediffPay. Axis Bank will serve as the Payment System Provider (PSP) for this initiative.
The approval marks a key milestone for Infibeam Avenues as it extends its reach into consumer-facing digital payments. Following its acquisition of a controlling stake in Rediff in 2024, the company applied for the TPAP license, now enabling it to offer Unified Payments Interface (UPI) services directly to users through RediffPay.
Expanding Digital Financial Services
RediffPay plans to leverage the significant web traffic from Rediff and Infibeam’s fintech capabilities to offer a user-friendly digital payments experience. Alongside UPI, the platform aims to introduce a variety of financial products such as credit and wealth management to meet diverse consumer needs.
Strategic Impact and Future Prospects
Mr. Vishal Mehta, Chairman and Managing Director of Infibeam Avenues, emphasized the strategic importance of this development, stating, “Receiving the TPAP license aligns perfectly with our goal to drive financial inclusivity and provide seamless digital payment solutions.”
This announcement follows Infibeam’s recent achievement of gaining final authorization from the Reserve Bank of India to operate as a Payment Aggregator through its flagship brand, CCAvenue. With the TPAP license secured, RediffPay is set to emerge as a major player in India’s evolving digital payments ecosystem.
About Infibeam Avenues Limited:
Infibeam Avenues is a global fintech leader, providing digital payment solutions and enterprise software across industries. With over 10 million clients and international operations spanning the UAE, Australia, the U.S., and Oman, the company continues to be a significant force in the digital payments domain.