Setu, a Pine Labs company, in collaboration with Axis Bank, has launched UPISetu in India, an UPI-focused payments platform specifically designed for businesses and developers.
The platform aims to capitalise on the rapid growth of the Unified Payments Interface (UPI) in India, which has seen a big increase in adoption over the past two years.
According to data from the National Payments Corporation of India (NPCI), UPI transactions have skyrocketed by 137 per cent between June 2022 and June 2024. Person-to-merchant (P2M) transactions alone have surged by 241 per cent, growing from 2.56 billion transactions in June 2022 to 8.72 billion in June 2024.
UPI’s speed, ease of use and impressive 100 per cent uptime between February and June 2024 have driven this consumer-led growth.
The widespread acceptance of UPI as a payment method across both urban and rural India is evident, with nearly 80 per cent of digital payments now being processed through UPI. In contrast, traditional payment methods like debit cards have seen a significant decline, with transactions dropping by 34 per cent year-on-year as reported in the second half of 2023.
Future payment
As India now contributes to nearly 46 per cent of the world’s digital transactions, Pine Labs envisions UPI becoming the ‘Payment Gateway of Choice’ for the future.
“Now is the time and this is the moment to build around this massive consumer-led UPI growth in India,” said B Amrish Rau, CEO of Pine Labs. “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.”
UPISetu offers a unified platform that leverages UPI’s potential, delivering innovations from NPCI to the market at unparalleled speed. The platform supports a wide range of UPI products, from basic QR code payments to more advanced features like UPI Autopay, EMI options, and third-party validation (TPV) services.
Additionally, UPISetu offers functionalities such as brand and bank offers, dispute resolution, instant cashbacks, and refunds, all accessible through APIs tailored to meet diverse industry needs.
Sanjeev Moghe, president and head – cards and payments at Axis Bank, also highlighted the importance of this collaboration, saying: “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.”
With UPISetu, Pine Labs is inviting the developer community to explore the platform’s capabilities. Developers can test the platform in Setu’s sandbox environment, which includes documentation and sample applications.
The post New UPISetu Platform Targets India’s Booming Digital Payments Market appeared first on The Fintech Times.
