Listed fintech Infibeam Avenues has bagged a Third-Party Application Provider (TPAP) license for its digital payment platform RediffPay, the company informed in an exchange filing on February 7.
Shares of Infibeam were sharply higher in trade, up over a percent after the announcement. A TPAP license allows a company to operate as a payment aggregator and participate in the Unified Payments Interface (UPI).
This marks Infibeam's entry into the digital payments sector. The company had applied for the TPAP license after acquiring a controlling stake in Rediff, in 2024.
Vishal Mehta, Chairman and Managing Director of Infibeam Avenues said the TPAP license from NPCI "allows us to extend UPI services through RediffPay." The company plans to introduce a range of financial services, including credit and wealth management products.
Infibeam had in August 2024 entered in an agreement for a 54 percent stake in Rediff.com India. This internally-funded acquisition allowed Infibeam Avenues to foray into the consumer facing digital financial service as an aggregator.
Read More: Infibeam Avenue's Standalone December 2024 results
Infibeam said RediffPay will look to leverage Rediff's web traffic and Infibeam's fintech expertise to offer a user-friendly platform digital transactions. Before the latest approval from NPCI, Infibeam Avenues had received the final authorization from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway - CCAvenue.
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