RediffPay Initiates CUG Testing Ahead of UPI Launch, Post Securing TPAP License from NPCI

Rediff.com India Ltd. announced that it has received final approval from the National Payments Corporation of India (NPCI) for its Third-Party Application Provider (TPAP) license, paving the way for the rollout of its digital payments platform, RediffPay. With this approval, the company has commenced Closed User Group (CUG) testing-an essential step before entering the Unified Payments Interface (UPI) ecosystem-and is preparing to launch India's first UPI app built around financial-wellness-customer-centric UPI payment app designed to encourage saving, investing and responsible access to credit.

On Monday, the company commenced Closed User Group (CUG) testing as it prepares to enter the Unified Payments Interface (UPI) ecosystem. "This approval is a significant milestone for Rediff," said Mr Vishal Mehta, Chairman and Managing Director, Rediff.com India Ltd. "It enables us to extend secure, interoperable UPI services through RediffPay and advances our mission to broaden financial inclusion while delivering simple, intuitive digital payment experiences for users across India."

RediffPay aims to blend traditional UPI capabilities with a broader financial wellness and customer centric proposition. Beyond standard bill payments, mobile recharges, and cross-app UPI interoperability payments, the app will encourage better financial habits through curated savings and investment products-such as equities, mutual funds (MFs), fixed deposits (FDs), recurring deposits (RDs) and similar other products- alongside a pathway to quick credit, for individuals and merchants seeking convenience of UPI payments, credit access and savings at their fingertips.

The RediffPay platform will also support Credit Line on UPI, expanding access to formal credit- particularly in Tier-2, Tier-3 and smaller towns and cities. Under NPCI's Credit Line on UPI framework, users can make merchant payments of up to INR 1,00,000 per day and withdraw up to INR 10,000 in cash via pre-approved credit lines, helping bring new-to-credit consumers into the formal economy through micro-credit for everyday purchases.

To further deepen inclusion, RediffPay plans to onboard small, micro, mid and large merchants across Indian geography by offering RediffPay UPI QR-code-enabled point-of-sale (POS) solutions, integrating merchant credit demand into its UPI ecosystem.

"We are going beyond a traditional UPI payments app," Mr Mehta said. "RediffPay is designed to make saving and accessing credit as seamless as making a payment. Financial wellness is as important as health wellness, and we aim to reshape how people perceive UPI-moving from spending alone to saving, investing and inclusive growth."

RediffPay is positioned as a wealth-multiplier and a financial-wellness-customer-centric UPI payment app by encouraging saving and investment promoting messaging within the app. The TPAP license marks Rediff's strategic entry into the consumer-facing digital payments market. Following the TPAP approval, the company plans to launch India's first purely Indian-owned UPI payment app. Axis Bank will act as the Payment System Provider (PSP) bank for RediffPay.

Rediff.com India Ltd. is a subsidiary of Infibeam Avenues Ltd (proposed to be renamed-- AvenuesAI Ltd.), which acquired a controlling stake in Rediff in 2024 and has since increased its holding to 82%. The company aims to serve first its existing base of 60 million unique Rediff visitors and email users. It will offer localized email services compliant with the DPDP Act and provide multilingual UPI to reach the next 250 million users in India's hinterland, along with a PPI wallet to address unmet needs in the evolving digital payments landscape. This marks a significant step toward digital financial inclusion for millions of rural and urban users.

RediffPay will leverage Rediff's substantial web traffic and Infibeam's (soon to be renamed - AvenuesAI Ltd) fintech expertise to create a user-friendly platform for efficient and secure digital transactions. The company plans to introduce a range of financial services, including credit and wealth management products, to meet the diverse needs of its users.

RediffPay aims to become a meaningful participant in India's rapidly evolving digital payments landscape, supporting the nation's broader digital transformation and financial inclusion agenda.

Shares of Infibeam Avenues Limited was last trading in BSE at Rs. 16.14 as compared to the previous close of Rs. 16.48. The total number of shares traded during the day was 557743 in over 1051 trades.

The stock hit an intraday high of Rs. 16.39 and intraday low of 16.09. The net turnover during the day was Rs. 9058800.00.

Source : Equity Bulls

Keywords

InfibeamAvenues INE483S01020 RediffPay UPI CUGTesting