You can soon make UPI payments via RediffPay
What's the story
Rediff India has received the final approval from the National Payments Corporation of India (NPCI) for its Third-Party Application Provider (TPAP) license. The approval paves the way for the launch of RediffPay, a new digital payments platform. The company has already started Closed User Group (CUG) testing, an important step before entering into the Unified Payments Interface (UPI) ecosystem.
Innovative features
A unique UPI app for financial wellness
RediffPay aims to be India's first UPI app dedicated to financial wellness. The platform will offer standard UPI services like bill payments, mobile recharges, and cross-app interoperability. It will also provide curated savings and investment products like equities, mutual funds, fixed deposits (FDs), and recurring deposits (RDs). This unique combination makes RediffPay a one-stop solution for all your digital payment needs.
Credit facilities
RediffPay to offer credit line on UPI
Along with regular UPI services, RediffPay will also offer a credit line on UPI. This feature will let users make merchant payments of up to ₹1 lakh per day and withdraw cash up to ₹10,000 through pre-approved credit lines. The company plans to onboard small and large merchants across India with QR-code-enabled point-of-sale solutions as part of its expansion strategy.
User accessibility
RediffPay will have multilingual UPI facility
RediffPay will use Rediff's web traffic and Infibeam Avenues' fintech expertise to provide multilingual UPI, a Prepaid Payment Instrument (PPI) wallet, and other financial services. The goal is to reach the users across urban and rural India. Axis Bank will be the Payment System Provider (PSP) bank for this platform.