Infibeam Avenues Limited's subsidiary, Rediff.com India Ltd., has received the final Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payments platform, RediffPay. Following this approval, Rediff.com has commenced Closed User Group (CUG) testing, a crucial step before launching its Unified Payments Interface (UPI) app. RediffPay is set to launch India's first UPI app focused on financial wellness, designed to encourage saving, investing, and responsible credit access. The app will offer standard UPI functionalities alongside curated savings and investment products such as equities and mutual funds, and a pathway to quick credit. It will also support the Credit Line on UPI framework, enabling users to make payments using pre-approved credit lines. RediffPay aims to onboard merchants by offering QR-code-enabled POS solutions and integrate merchant credit demand into its ecosystem. Infibeam Avenues Limited, which holds an 82% stake in Rediff.com, will leverage Rediff's existing user base and its own fintech expertise to develop the platform. The company plans to serve its 60 million unique Rediff visitors and email users, offering localized email services and multilingual UPI to reach a wider audience. Axis Bank will serve as the Payment System Provider (PSP) bank for RediffPay.
