Setu and Axis Bank Unveil UPISetu a New UPI Platform for Businesses
Setu, a Pine Labs company, has introduced UPISetu, a UPI-focused payments platform for businesses and developers, in collaboration with Axis Bank. The NPCI's UPI system has experienced significant growth in India, with Person-to-Merchant (P2M) transactions increasing by an impressive 241%, from 2.56 billion in June 2022 to 8.72 billion in June 2024. Overall, UPI transactions have grown by 137% over the past two years, according to NPCI data.
UPI has firmly established itself as the preferred payment method among consumers in both urban and rural areas of India. Other payment methods, such as debit card transactions, have seen a sharp decline, dropping by 34% year-over-year in the second half of 2023. Nearly 80% of digital payments in India are now made through UPI, and the country accounts for nearly 46% of global digital transactions. Pine Labs believes that UPI will become the leading payment gateway and is committed to developing innovative products and solutions to enhance India's digital payments ecosystem.
UPI’s integration with credit cards, wallets, and credit lines indicates a shift towards a UPI-first environment where businesses require a unified platform to meet growing customer adoption. Pine Labs' UPISetu addresses this need by offering a dedicated platform that harnesses UPI's full potential, delivering the latest updates from NPCI swiftly to the market.
B Amrish Rau, CEO of Pine Labs said, “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”.
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 the 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”.
UPISetu supports a comprehensive range of UPI products, from basic QR code payments to popular collection methods such as UPI Autopay, EMI, and Third-Party Validation (TPV) services. It also includes advanced features like brand and bank offers, advanced dispute resolution, instant cashback, and refunds. These services are delivered through robust APIs, meeting the needs of various industry verticals, banks, and leading brands in India.
