Pine Labs Launches UPISetu For All Merchant UPI Payments

Pine Labs has launched a unified payments interface-focused product called UPISetu, according to a statement by the company.

The product, which has been launched by Setu, a Pine Labs company, has been done in partnership with Axis Bank Ltd. and would aid all forms of UPI payments, even for businesses and developers.

This product would support a myriad of UPI products, the company said. This would include QR code payments, UPI Autopay, EMI and even the third-party validation service.

While it caters to all UPI functionalities, it does this with the help of well-developed APIs that are designed as per the needs of various industry verticals, banks and so on.

The UPI-centric product launch comes at a time when the payments mode is growing exponentially and getting widely accepted compared to other modes of payments like debit cards and credit cards. It is also getting increasingly integrated with credit cards, wallets and credit lines.

Total volume of UPI transactions stood at 1443.6 crore in July 2024, compared to 1,338.6 crore in June 2024, according to data from National Payments Corp. of India.

On a year-on-year basis, this volume increased 44.8% compared to July 2023.

Person-to-merchant transactions, too, rose more than three times—241% to 872 crore in June 2024, compared to 256 crore in June 2022.