Pine Labs has launched UPISetu, India’s first United Payments Interface (UPI)-centric payments platform tailored for businesses and developers, in collaboration with Setu and Axis Bank.
UPISetu aims to leverage the growth of the National Payments Corporation of India’s (NPCI) UPI, which saw Person-to-Merchant (P2M) transactions surge by 241 per cent from June 2022 to June 2024, highlighting UPI’s dominance in the digital payments landscape. The platform is designed to accommodate the increasing preference for UPI, which now accounts for nearly eight out of 10 digital payments in India, and 46 per cent of global digital transactions.
As other payment methods like debit cards experience a sharp decline, UPISetu is positioned to be the go-to platform for businesses, offering a range of UPI products such as QR code payments, UPI Autopay and EMI options. The platform also features advanced functionalities, including brand and bank offers, enhanced dispute resolution, fast cashbacks and refunds, all supported by powerful APIs.
UPISetu offers a unified platform that capitalises on UPI’s capabilities, making it easier for businesses to stay ahead in the digital payment space.