Infibeam Avenues Makes Digital Payment Splash with RediffPay Launch

Infibeam Avenues, a fintech company, announced that its subsidiary, Rediff.com India Ltd., received a TPAP license to offer UPI services through RediffPay. This move marks their entry into the digital payments sector, leveraging Rediff's web traffic and Infibeam's fintech expertise to provide various financial services.

Infibeam Avenues, a prominent fintech enterprise, announced on Friday that Rediff.com India Ltd., its subsidiary, has secured a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India. This license empowers RediffPay, the company's digital payment platform, to offer Unified Payments Interface (UPI) services directly to consumers.

The approval highlights Infibeam Avenues' strategic shift into consumer-focused digital payments, following the acquisition of a controlling stake in Rediff in 2024. With Axis Bank slated to function as a Payment System Provider (PSP) bank, the company aims to capitalize on the synergy between Rediff's extensive web traffic and Infibeam's fintech prowess.

RediffPay plans to introduce an array of financial services, which include credit and wealth management products, to meet the diverse needs of its target market, according to the official release.

(With inputs from agencies.)