The TPAP licence allows a company to offer Unified Payments Interface (UPI) services to users via a payment system provider (PSP) bank
Infibeam picked up a majority stake in digital content and ecommerce marketplace Rediff.com in August last year
The company is planning to bring a range of financial services, including credit and wealth management products for its users.
Fintech company Infibeam
Avenues’ subsidiary Rediff has received a third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay.
The TPAP licence allows a company to offer Unified Payments Interface (UPI) services to users via a payment system provider (PSP) bank.
“This licence enables RediffPay to offer Unified Payments Interface (UPI) services to its users, marking Infibeam Avenues’ strategic entry into the consumer-facing digital payments sector,” Infibeam said in a statement.
The company said that Axis Bank will act as the PSP bank for RediffPay.
Infibeam picked up a majority stake in digital content and ecommerce marketplace Rediff.com in August last year. After acquiring a 54.1% stake, the company applied for the TPAP licence last year.
“We are thrilled that our subsidiary company 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 of Infibeam.
RediffPay will look to leverage Rediff’s web traffic and Infibeam’s fintech expertise to provide a user-friendly platform for secure and efficient digital transactions.
The company is planning to bring a range of financial services, including credit and wealth management products for its users.
“With the TPAP licence, RediffPay is poised to become a significant player in India’s digital payments landscape, contributing to the nation’s ongoing digital transformation,” the statement added.
This comes days after the company reported its Q3 FY25 numbers. Infibeam’s consolidated profit after tax (PAT) jumped 50% to INR 64.4 Cr from INR 43.1 Cr in the year-ago quarter. Sequentially, net profit surged almost 36% from INR 47.4 Cr.
Operating revenue grew 18% to INR 1,070.3 Cr in the December quarter, 95% of which came from the payments business (CCAvenue).
