Pine Labs Unveils UPISetu — Country’s first UPI-focused payments platform

Setu, a Pine Labs brand, and Axis Bank unveiled UPISetu, India’s only UPI-focused payments platform for businesses and developers.

NPCI’s UPI has seen a stratospheric surge in India, with Person-to-Merchant (P2M) transactions alone increasing by 241% from 2.56 billion in June 2022 to 8.72 billion in June 2024. According to NPCI data, UPI transactions have grown by an astonishing 137% in the last two years (June’22 vs. June 24). UPI’s speed, ease of usage, and 100% uptime (February-June 2024) are all important elements in this tremendous consumer-driven expansion.

UPI’s acceptability as a preferred payment mode by customers across India’s cities and hinterlands is already well established. Other payment options, like as debit card transactions, are declining sharply in India, by up to 34% year on year, according to H2 2023 data. With nearly 8 out of 10 digital payments made through UPI, and India accounting for nearly 46% of global digital transactions, Pine Labs believes that UPI will be the new Payment Gateway of Choice, and thus aims to continuously develop innovative products and solutions to strengthen India’s digital payment ecosystem.

UPI’s integration with credit cards, wallets, and credit lines hints to an increasingly UPI-first world in which businesses will require a unified platform to accommodate expanding user usage. UPISetu, founded by Pine Labs, solves this need by providing a dedicated platform that fully exploits UPI’s potential to get the newest from NPCI to the market as quickly as possible. 

“Now is the time and this is the moment to build around this massive consumer-led UPI growth in India. As ‘Credit on UPI’ gains momentum and there exists a pressing need to drive payment transaction success rates, UPISetu will be a game-changing launch for the ecosystem. We believe the world will increasingly be UPI-first thanks to the pioneering efforts of NPCI in India and overseas,” said B Amrish Rau, CEO of Pine Labs.

Commenting on the launch, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said, “At Axis Bank, we are dedicated to delivering a seamless payment experience to our end users. Our ongoing efforts focus on forging strategic alliances and developing digital payment solutions that cater to our customers’ evolving needs. Our partnerships with Setu and Pine Labs reinforce our commitment to the digitization of merchant ecosystem. Furthermore, our provision of scalable, cloud-hosted infrastructure to our merchant partners highlights our dedication to offering reliable, innovative, and industry-leading business solutions in the UPI space.”

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UPISetu offers a wide range of UPI products, including simple QR code payments and other common collection methods such as UPI Autopay, EMI, and Third-Party Validation (TPV) service. It also includes sophisticated functions such as brand and bank offers, enhanced dispute resolution, fast cashbacks, and refunds, all of which are available through powerful APIs and cater to the needs of many industry verticals, banks, and prominent brands in India.