RediffPay will roll out in Q4 of current fiscal: CMD Infibeam Avenues

RediffPay, a digital payment platform belonging to a subsidiary of Infibeam Avenues, will be rolled out during the fourth quarter of the current financial year, said Vishal Mehta, Chairman and Managing Director of the company, after the subsidiary Rediff.com India received a Third-Party Application Provider (TPAP) licence from the National Payments Corporation of India (NPCI), on Friday.

“Rediff is a pivot for us to get into consumer payments. This is a big transformation that we as a company will go through,” Mehta told businessline after receiving the TPAP licence. 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. The Gujarat-based company had applied for the TPAP license following its acquisition of a controlling stake in Rediff in 2024.

As per the official communication received by the subsidiary Rediff.com India on Friday, Axis Bank will act as Payment System Provider (PSP) bank. 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. 

Building RediffOne

“Our Bharat Bill Payment operating unit license allows us to integrate bill payments with RediffPay, ensuring a steady revenue stream from every bill paid or mobile recharge made through the platform. With Rediff, the cost of acquiring customers can be significantly lowered as we can now monetise through multiple financial services from bill payments to insurance and cross-selling. Beyond payments, we are also building RediffOne, an enterprise software suite designed for businesses and merchants. This all-in-one platform will be able to offer web-based ERP, CRM and HRM solutions, integrating seamlessly with CCAvenue merchants to drive operational efficiencies and digital transformation,” Mehta had said during a third quarter earnings conference call held earlier this week.

RediffOne is expected to be launched in the first quarter of the next financial year. “RediffPay and RediffOne are key pillars of this journey and setting the stage for a scalable, high-growth future. Further, we anticipate Rediff contributing to 2-4 percent of our revenue with the potential to grow to 10 percent in coming years,” the CMD had said during the call. 

The grant of TPAP license follows Infibeam Avenues’ recent achievements, including receiving the final authorisation from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway brand, CCAvenue.