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Infibeam Avenues' RediffPay Obtains TPAP License from NPCI to Join India's UPI Ecosystem.

Banking & Finance | Dated: 12 Feb 2025

In February 2025, Infibeam Avenues Limited, a leading Indian fintech company headquartered in Gandhinagar, Gujarat, announced that its subsidiary, Rediff.com India Ltd., has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay.

🎯 Key Highlights:

- This approval allows RediffPay to offer Unified Payments Interface (UPI) services, marking Infibeam's entry into India's consumer-facing digital payments sector.

💡 Other Important Facts:

(i) Axis Bank Limited will act as the PSP bank for RediffPay, facilitating UPI-based transactions. This partnership aims to ensure secure, real-time inter-bank payments, leveraging Axis Bank's banking infrastructure and Infibeam's fintech expertise.
(ii) The TPAP license follows Infibeam Avenues' acquisition of a 54% stake in Rediff.com in August 2024 for Rs. 500 million (USD 5.7 million).
(iii) NPCI (National Payments Corporation of India) is a non-profit umbrella organization responsible for operating retail payments and settlement systems in India, regulated by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), and owned by a consortium of major Indian banks, including public, private, and foreign banks.

📚 Test Your Knowledge:

Which company’s digital payment platform, RediffPay, has recently obtained the TPAP license from NPCI?

Correct Answer: Infibeam Avenues

🚀 Quick Recap:

About NPCI

MD & CEO : Dilip Asbe
Headquarter : Mumbai