Pine Labs launches India’s first UPI-focused payments platform

Setu, a Pine Labs company, in partnership with Axis Bank has launched UPISetu, a UPI-focused payments platform for businesses and developers.

With nearly 8 out of 10 digital payments done through Unified Payments Interface (UPI)  and India contributing to nearly 46 per cent of digital transactions globally, Pine Labs is aiming to tap into growing demand for a unified where UPI payments are integrated with credit cards, wallets and credit lines.

UPISetu offers a range of UPI services such as QR code payments, Autopay, EMI options, and Third-Party Validation. Other features include brand and bank offers, advanced dispute resolution, instant cashbacks, and refunds, all accessible via APIs.

It comes at at time when NPCI’s UPI has seen a meteoric rise in India with Person-to-Merchant (P2M) transactions alone witnessing a rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024.

According to official NPCI figures, UPI transactions growth stands at 137% over the last 2 years driven by speed of transactions and its ease of use. While UPI is increasingly seen as a preferred payment method by consumers across cities in India other payment methods like Debit Card transactions are seeing a steep decline. These dropped by as much as 34% year-on-year in H2 2023.

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.”