Setu launches UPI-focused payments platform with Axis Bank

Setu, a Pine Labs company, has, in partnership with Axis Bank, launched UPISetu, a UPI-focused (unified payments interface) payments platform for businesses and developers.

The dedicated platform aims to make integration, merchant on-boarding, transaction tracking, refund/chargeback management, reconciliation or settlement extraction easier.

UPISetu integrates a wide array of UPI functionalities, including QR code payments, UPI autopay, and third-party validation services, through APIs.

Through the platform, merchants can create custom links or QR codes for one-time or multiple payments. The platform also features customised brand offers, instant cashbacks, refunds, and dispute resolution mechanisms.

“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.

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Setu encourages developers to explore UPISetu's comprehensive sandbox environment, designed to facilitate seamless integration and innovation.

"Our partnerships with Setu and Pine Labs reinforce our commitment to the digitisation 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,” said Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank.

Earlier this year, Setu introduced Sesame, India's first domain-specific large language model (LLM) for the BFSI sector, developed with Sarvam AI, to enhance credit decisions and personalise financial services by leveraging extensive financial data and India's digital infrastructure.

Pine Labs acquired Setu in 2022. The deal, which was valued at $70 million to $75 million, aimed to enhance Pine Labs' capabilities in embedded finance and API infrastructure.