Axis Bank Partners with Pine Labs’ Setu to Launch UPI-Focused Payments Solution

Setu, an API infrastructure company under Pine Labs, has teamed up with Axis Bank to roll out UPISetu, a new payments platform tailored for businesses and developers. This platform focuses on UPI payments, offering a range of features designed to simplify transactions and enhance payment options.

The platform offers a broad range of UPI services, including basic QR code payments and various other options like UPI Autopay, EMI, and Third-Party Validation (TPV) services.

It also features advanced functionalities, such as special offers from brands and banks, sophisticated dispute resolution, and instant cashbacks and refunds—all available through APIs.

B Amrish Rau, CEO of Pine Labs, stated, “As ‘Credit on UPI’ gains traction and there’s a critical need to enhance transaction success rates, UPISetu is poised to transform the payments landscape. We believe UPI will emerge as the global payment method of choice, driven by the groundbreaking efforts of NPCI both in India and abroad.”

In August, the Unified Payments Interface (UPI) achieved a major milestone by processing over 500 million transactions per day on several occasions.

Setu, established in 2018 by Sahil Kini and Nikhil Kumar, is an API infrastructure provider that delivers various services such as bill payments, savings, credit, and general payment solutions.

The Reserve Bank of India (RBI) has granted the company a license to operate as an account aggregator.

Based in Bengaluru, the firm was acquired by payments service provider Pine Labs for approximately $70 million in 2022. It collaborates closely with banks, insurance companies, lending firms, asset management companies (AMCs), and other financial institutions to integrate financial architectures.

Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, remarked on the launch, “Collaborating with Setu and Pine Labs enhances our dedication to advancing the digital transformation of the merchant ecosystem. By offering scalable, cloud-based infrastructure to our partners, we strive to provide dependable, innovative, and leading-edge solutions in the UPI sector.”

In May, Setu launched 'Sesame,' a large language model created in partnership with the AI research firm Sarvam AI. Sesame is tailored specifically for the Banking, Financial Services, and Insurance (BFSI) industries.

The fintech firm recently appointed Anand Raisinghani, a former executive at SAP India, as its new CEO, following Sahil Kini's resignation.

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