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 per cent 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 per cent 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 per cent (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.”
