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 UPI and India contributing to nearly 46% of the digital transactions in the world, 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.
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.
