Infibeam Avenues' subsidiary receives approval to offer UPI payments

Business-to-business (B2B) payments firm Infibeam Avenues’ subsidiary Rediff.com India has received third-party application provider (TPAP) approval from the National Payments Corporation of India (NPCI) to roll out Unified Payments Interface (UPI) payments via the RediffPay brand.

 

Axis Bank will act as the payment service provider (PSP) bank for RediffPay.

 

This marks the company’s first foray into consumer-facing businesses, including payments and financial services, after acquiring a controlling stake in the news website Rediff.com in August last year.

 

The company plans to introduce a range of financial services, including credit and wealth management products.

 

The fintech major, which operates the payment gateway CCAvenue, acquired a controlling stake in Rediff for Rs 50 crore. The digital entity has over 65 million monthly visitors on its website.

 

At present, Infibeam has over 10 million clients across digital payments and enterprise software platforms.

 

“We are thrilled that our subsidiary has received the TPAP licence from NPCI, which allows us to extend UPI services through RediffPay. This milestone aligns with our vision to enhance financial inclusivity and offer seamless digital payment solutions to consumers across India,” said Vishal Mehta, chairman and managing director, Infibeam Avenues.

 

The TPAP approval comes at a time when UPI transactions continue to grow in the country. In 2024 alone, the ecosystem recorded over 172 billion transactions.

 

At present, the ecosystem has a total of 39 TPAPs, according to data from the NPCI.

 

Infibeam received final authorisation from the Reserve Bank of India (RBI) last year to operate as a payment aggregator (PA), following the in-principle approval granted in October 2022.