Infibeam Avenues Limited intends to enter the unified payments interface (UPI) market with its new payment app, RediffPay. In the UPI sector, this move would place Infibeam Avenues in competition with established players such as Paytm, Google Pay, MobiKwik, and PhonePe.
Infibeam Avenues acquired a 54% stake in Rediff.com India last month, indicating that the company intends to relaunch Rediff.com in a consumer-facing digital financial services aggregator.
“Infibeam’s objective is to expand beyond UPI payments by incorporating insurance, lending, stock trading, and wealth management,” stated a source who requested anonymity.
Finance Minister Nirmala Sitharaman emphasized in April 2024 that India recorded 131 billion UPI transactions valued at Rs 200 trillion in FY24. In order to expand its UPI offering, Infibeam intends to capitalize on Rediff’s established user base and brand recognition, as well as its own digital payment expertise, according to a source.
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In order to provide context, Rediff asserts that it has over 70 million registered email subscribers and 55 million monthly visits.
Pirimid Technologies, a capital market trading software provider, was acquired by Infibeam last year for a 49% stake. According to sources, the organization is currently in the process of incorporating this capability into its digital payments platform for both domestic and international clients. RediffPay is anticipated to be a significant contributor to this initiative.
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