Infibeam Avenues announced that its subsidiary, Rediff.com India, has been granted a Third-Party Application Provider (TPAP) license by the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay.
As per the official communication received by Rediff from National Payments Corporation of India (NPCI) on Friday, it has been informed about the approval of TPAP license and also that Axis Bank will act as Payment System Provider (PSP) bank.
This 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 2024.
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.