Infibeam’s Rediff secures NPCI nod for UPI payments via RediffPay
Axis Bank will serve as the payment service provider for RediffPay, enabling the platform to offer UPI-based transactions.
Fintech firm Infibeam Avenues Ltd on Friday said its subsidiary, Rediff.com India Ltd., secured approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) for its digital payment platform, RediffPay.
The move positions the company to compete in India’s booming Unified Payments Interface (UPI) ecosystem, which processes billions of transactions monthly, the company said in a Bombay Stock Exchange (BSE) filing.
Axis Bank will serve as the payment service provider (PSP) for RediffPay, enabling the platform to offer UPI-based transactions. The approval marks Infibeam’s strategic push into consumer-facing digital payments, leveraging Rediff’s existing web traffic and its own fintech infrastructure.
“We are thrilled that our subsidiary has received the TPAP license from NPCI, which allows us to extend UPI services through RediffPay,” said Vishal Mehta, Infibeam’s Chairman and Managing Director. “This milestone aligns with our vision to enhance financial inclusivity and offer seamless digital payment solutions to consumers across India.”
Going forward, RediffPay plans to roll out services, including credit products and wealth management tools.
Rediff.com was an early entrant in India's internet evolution. Founded in January 1996 by entrepreneur Ajit Balakrishnan and officially launched in February 1997, the portal quickly became a household name.
Initially branded as "Rediff On The NeT," the site combined media, communication, and technology when the country had just begun embracing the digital era.
Over the years, it diversified its offerings, launching one of India’s earliest free email services—Rediffmail—and establishing itself as a leading news and entertainment hub.
Infibeam Avenues acquired a 54.1% stake in Rediff.com for $3 million in October 2024, a deal that came with a change in leadership as Vishal Mehta succeeded Balakrishnan, who now serves as Chairman Emeritus.
Edited by Suman Singh