AvenuesAI to Launch RediffPay App for Consumers
AvenuesAI is preparing to launch RediffPay, a UPI app focused on consumer payments, with an expected debut in August. The app will expand the company's services from merchant acquiring to the consumer side.
AvenuesAI, which holds a majority stake in Rediff.com, is gearing up for the full-scale launch of its new UPI application, RediffPay. Following several months of testing within a closed user group, the app is anticipated to go live as early as August.
"RediffPay is progressing well as our UPI-based consumer payments platform. It will move out of the closed user group into production this month," stated Vishal Mehta, Chairman and Managing Director of AvenuesAI, during the company's Q1 FY27 earnings call.
RediffPay will allow users to pay utility and credit card bills and top up FASTag accounts. Additionally, it will offer a credit line on UPI and wealth management services. This launch represents a strategic expansion for AvenuesAI, as its current flagship product, CCAvenue, focuses on merchant payment acquisition. RediffPay aims to bring the company's payment services directly to consumers.
The company believes that potential new regulations for Merchant Discount Rate (MDR) on UPI payments could benefit RediffPay and CCAvenue. While final rules are yet to be confirmed, the company anticipates fees may be levied on large merchants and high-value transactions, potentially generating additional revenue for AvenuesAI through its payment platforms.
AvenuesAI, formerly Infibeam Avenues, acquired a majority stake in Rediff.com in 2024 and has since increased its ownership to 82%. The company has also filed for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI).