RediffPay to launch soon
Rediff.com India is all set to launch India’s first purely Indian owned UPI payment app. The company confirmed that it has received final approval from the National Payment Corporation of India (NPCI) for its third-Party Application Provider (TPAP) license, making the way for the rollout of its digital payment platform, RediffPay. After the approval from the government, the company has commenced Closed User Group (CUG) testingan essential step before entering the Unified Payment Interface (UPI) ecosystem.
The company is gearing up to launch India’s first UPI app built around financial-wellness-customer-centric UPI payment app designed to promote saving, investing, and responsible access to credit.
On Monday, the company started the CUG testing as it gears up to enter the UPI ecosystem. The government’s approval is a major milestone for the company. It allows the company to extend secure, interoperable UPI services through RediffPay and help to broaden financial inclusion while delivering simple, intuitive digital payment experience for users across the country.
RediffPay aims to blend traditional UPI capabilities with a broader financial wellness and customer centric proposition. Apart from bill payments, mobile recharge, and cross-app UPI payments, the app also promotes better financial habits through curated savings and investment products such as equities, mutual funds, fixed deposits, recurring deposits and other products with quick credit for both individuals and merchants.
The application will also support Credit Line on UPI, which will expand the formal credit especially in Tier-2 and Tier-3 and smaller towns and cities. Under the NPCI’s Credit Line on UPI framework, users can make merchant payments up to Rs.1,00,000 per day and withdraw up to Rs.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.
The company is further planning to onboard small, micro, mid and large merchants across India by offering RediffPay UPI QR code enable POS solution with integrated merchant credit demand into its UPI ecosystem.
Syed Ziyauddin is a media and international relations enthusiast with a strong academic and professional foundation. He holds a Bachelor’s degree in Mass Media from Jamia Millia Islamia and a Master’s in International Relations (West Asia) from the same institution.
He has work with organizations like ANN Media, TV9 Bharatvarsh, NDTV and Centre for Discourse, Fusion, and Analysis (CDFA) his core interest includes Tech, Auto and global affairs.
Tweets @ZiyaIbnHameed
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