Pine Labs , an India-based merchant platform that provides payment solutions and Axis Bank have recently launched UPISetu, an UPI-focused payments platform for businesses and developers. UPI, the country’s mobile payments app has seen a surge in P2M (Person-to-Merchant) transactions with over 8.70 billion transactions in June 2024.

Overall, the UPI transaction growth stands at 137% from June 2022, as per NPCI data. The current state of India’s payment system The payments ecosystem in India has seen an incredible boost in digitalisation with the rise of affordable smartphones, pushing UPI acceptance as the preferred payment method by locals in the country. Moreover, other payment methods, including debit cards, are seeing a decline of up to 34% YoY, which only fuelled Pine Labs to assert that UPI will become the new payment gateway of choice in the country.

Focusing on this statement, the company will continue to build innovative products and solutions to support and strengthen India’s digital payments ecosystem, with UPISetu being the latest one. How does UPISetu distinguish itself? The Pine Labs solution addresses the need of a unified, digital payment system, as well as a dedicated platform that leverages UPI’s potential to deliver NPCI’s latest solution and implement it to the market in a time fashionable matter. UPISetu was specifically designed to support a wide array of UPI products, including QR code payments, UPI Autopay, EMI, and third-party validation (TPV).

At the same time, it incorporates advanced functionalities like bank offers, dispute resolution, instant cashbacks, and refunds, all through robust APIs. UPISetu aims to cater to the diverse needs of the payment ecosystem consisting of banks and leading brands in the Southern Asia country. Commenting on the new product launch, officials from Axis Bank mentioned that the collaboration with Pine Labs reinforces the bank’s commitment to the digitalisation and financial inclusion of the local merchant ecosystem.

About the companies Pine Labs is a merchant commerce omnichannel platform operating across India, Southeast Asia, and the Middle East. Its tech-first approach to digital payments aims to help businesses of all sizes better understand and implement fintech products to scale. At the same time, Axis Bank is one of the country’s largest private banks, providing a wide array of services across SMEs, large and medium-sized corporations, agriculture, and retail.

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