Playfair cipher is a digraph cipher which is not preferred now a day for two main reasons. Firstly, it can be easily cracked if there is enough text and secondly, frequency analysis of digraph is anyway possible. This paper proposes a new solution, which encrypts / decrypts each byte by applying the Playfair on its nibbles with the help of a reduced 4×4 Key matrix. This byte by byte encryption supports any character (even multilingual character), number (of any base), symbol and any type of media file and thereby ensures flexibility. Randomness of the algorithm is achieved by rotating the key matrix randomly after encryption / decryption of each byte. Several operations are performed to support the mechanism of lightweight cryptography. The proposed method is implemented and compared with other popular ciphers on the basis of certain parameters, like Avalanche Effect, Time Complexity, and Space Requirement. The result obtained demonstrates efficiency of the proposed algorithm.