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August 07, 2024
Mumbai, August 7, 2024 – Setu, a Pine Labs company, in partnership with Axis Bank, today launched UPISetu, India’s only UPI-focused payments platform for businesses and developers.
NPCI’s UPI has seen a meteoric rise in India with Person-to-Merchant (P2M) transactions alone witnessing a phenomenal rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024.1 Overall, UPI transactions growth stands at an impressive 137% over the last 2 years (June’22 vs. June’24) as per NPCI data.2 UPI's speed, ease of use, and an impressive uptime of 100% (February-June 2024)3 are all key factors that have contributed to this massive consumer-led growth.
UPI’s acceptance as a preferred payment mode by consumers across cities in India and the hinterlands is now an established fact. Other payment modes like Debit Card transactions are seeing a steep decline in India, in fact as much as 34% YoY as reported in H2 2023.4 With nearly 8 out of 10 digital payments done through UPI and India contributing to nearly 46 per cent of the digital transactions in the world,5 Pine Labs asserts that UPI will be the new Payment Gateway of Choice and therefore aims to continuously build innovative products and solutions to strengthen India’s digital payments ecosystem.
UPI’s integration with credit cards, wallets, credit lines points to an increasingly UPI-first world where businesses would need a unified platform to cater to the rising adoption among customers. UPISetu launched by Pine Labs addresses this need by providing a dedicated platform that leverages UPI's full potential to deliver latest from NPCI, fastest to the market.
“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.”
UPISetu supports a wide range of UPI products, from basic QR code payments to other popular collection modes like UPI Autopay, EMI, and Third-Party Validation or TPV service. It also incorporates advanced functionalities like brand and bank offers, advanced dispute resolution, instant cashbacks, refunds - All of which are offered via robust APIs, catering to the needs of diverse industry verticals, banks, and leading brands in India.
Pine Labs has urged the developer community “to explore UPISetu and test it out” in Setu's comprehensive sandbox environment, complete with detailed documentation and sample applications by visiting: https://setu.co/upi
1 https://www.npci.org.in/what-we-do/upi/upi-ecosystem-statistics
2 https://www.npci.org.in/what-we-do/upi/product-statistics
3 https://www.npci.org.in/what-we-do/upi/uptime-upi-month-wise
4https://www.business-standard.com/finance/personal-finance/how-india-spends-upi-reigns-supreme-credit-cards-witness-highest-growth-124040400094_1.html
5https://timesofindia.indiatimes.com/gadgets-news/nearly-8-out-of-10-digital-payments-are-now-done-through-upi-claims-rbi/articleshow/108215215.cms
About Setu
Setu, part of the Pine Labs Group, builds financial infrastructure for India’s digital economy. With a mission to democratise financial services, Setu provides tools and APIs that enable developers and businesses to create seamless financial experiences.
About Axis Bank
Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 5,427 domestic branches (including extension counters) and 15,014 ATMs across the country as on 30th June, 2024. The network of Axis Bank spreads across 2,987 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.
For further information on Axis Bank, please visit https://www.axisbank.com.
Pine Labs is a leading merchant commerce omnichannel platform operating across India, Middle East, and Southeast Asia. Pine Labs' tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. Our Issuing business is powered by Qwikcilver - Qwikcilver offers a cutting-edge, full-stack, end-to-end technology service solution in the Pre-paid Transaction Management, Gift Cards, and Sales/ Distribution Space, with a strong presence in multiple countries and live service engagements with leading brands and major customers from the Retail, Hospitality and Airline Industries, across the following geographical regions; South Asia - India, South East Asia and the Far East - Singapore, Malaysia, Indonesia, Philippines, Middle East and Africa - Dubai, Abu Dhabi, South Africa, Europe - Luxembourg and Czech Republic, Australia, New Zealand and Hawaii in the United States of America, at the present moment. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.