India, Feb. 7 -- Fintech company Infibeam Avenues' subsidiary Rediff has received a third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay.

The TPAP licence allows a company to offer Unified Payments Interface (UPI) services to users via a payment system provider (PSP) bank.

"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," Infibeam said in a statement.

The company said that Axis Bank will act as the PSP bank for RediffPay.

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