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Infibeam’s Rediff.com secures NPCI license to offer UPI services

EntrackrEntrackr · 5m ago
Infibeam’s Rediff.com secures NPCI license to offer UPI services
Medial

Infibeam’s Rediff.com secures NPCI license to offer UPI services Infibeam Avenues announced that its subsidiary, Rediff.com, has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay. According to the company, NPCI's official communication confirmed the approval, with Axis Bank serving as the Payment System Provider (PSP). 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. In August 2024, Infibeam Avenues acquired a 54% stake in Rediff.com India to relaunch Rediff.com as a consumer-facing digital financial services aggregator. “We are thrilled that our subsidiary has received the TPAP license from NPCI, allowing 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 MD of Infibeam Avenues. 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 final authorization from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway brand, CCAvenue. Infibeam’s revenue from operations spiked to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24. The company’s profit after tax rose 50% to Rs 64.4 crore during the period.

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Exclusive: Infibeam entering UPI payments with new app RediffPay

EntrackrEntrackr · 9m ago
Exclusive: Infibeam entering UPI payments with new app RediffPay
Medial

Infibeam Avenues Limited is planning to enter the unified payments interface (UPI) market with its new payment app, RediffPay, sources aware of the development told Entrackr. This move would position Infibeam Avenues among well-established competitors like PhonePe, Paytm, Google Pay, and MobiKwik in the UPI space. Last month, Infibeam Avenues acquired 54% stake in Rediff.com India, signaling plans to relaunch Rediff.com in its new avatar as a consumer-facing digital financial services aggregator. “Infibeam aims to extend beyond UPI payments with inclusion of insurance, lending, stock trading, and wealth management,” said a source requesting anonymity. In April 2024, Finance Minister Nirmala Sitharaman highlighted that India registered 131 billion UPI transactions worth Rs 200 trillion in FY24. According to a source, Infibeam plans to leverage Rediff’s established user base and brand recognition, combined with its own expertise in digital payments, to drive the growth of its UPI offering. For context, Rediff claims 55 million monthly visits and over 70 million registered email users. Last year, Infibeam acquired a 49% stake in Pirimid Technologies, a capital market trading software provider. The company is working on integrating this capability into its digital payments platform for its domestic and international clients, with RediffPay expected to play a key role in supporting this initiative, as per sources. “Unlike other UPI players who had to start from scratch, Rediff’s existing customer base of millions will give it a significant advantage, coupled with CCAvenue’s strong presence in B2B payments,” said another source. The source added that Rediff’s substantial customer base is expected to provide the app with a ready user base. This foray will also mark Infibeam’s first major foray into the B2C segment, with a focus on consumer payments. Through RediffPay, the company will offer UPI services alongside other financial solutions, including credit on UPI and bill payments. Queries sent to Infibeam and Rediff didn’t elicit any responses till this story went to the press. Infibeam is also developing comprehensive payment technology focused on enhanced transaction security, which could give Rediffpay an edge over competitors. This aligns with Infibeam’s investment in AI through Phronetic.AI. In January, Infibeam roped in Rajesh Kumar SA as the chief executive officer (CEO) of the artificial intelligence business. Currently, PhonePe controls 48% market share by volume in UPI followed by Google Pay and Paytm with 37.3% and 7.21% shares, respectively. While CRED emerged as the fourth largest player in terms of UPI transactions, several new players such as Flipkart, NAVI and BharatPe have also entered the consumer facing payments market.

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