Setu, a Pine Labs company, has partnered with Axis Bank to introduce UPISetu, a UPI-focused payments platform designed for businesses and developers. This platform aims to simplify various processes such as integration, merchant onboarding, transaction tracking, refund and chargeback management, and reconciliation.
UPISetu offers a range of UPI functionalities, including QR code payments, UPI autopay, and third-party validation services through APIs. Merchants can create custom links or QR codes for both one-time and recurring payments, and benefit from features like customized brand offers, instant cashbacks, refunds, and dispute resolution mechanisms.
B Amrish Rau, CEO of Pine Labs, emphasized the importance of leveraging the massive consumer-led UPI growth in India. He highlighted UPISetu as a game-changing launch for the ecosystem, particularly as ‘credit on UPI’ gains momentum. Rau also mentioned the pioneering efforts of NPCI in making UPI a preferred payment method globally.
Setu encourages developers to explore UPISetu’s comprehensive sandbox environment, designed to facilitate seamless integration and innovation. This environment aims to support developers in creating and testing new UPI-based solutions effectively.
Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, stated that the partnership with Setu and Pine Labs reinforces their commitment to digitizing the merchant ecosystem. He also highlighted the provision of scalable, cloud-hosted infrastructure to merchant partners, emphasizing Axis Bank’s dedication to offering reliable and innovative business solutions in the UPI space.
Earlier this year, Setu launched Sesame, India’s first domain-specific large language model (LLM) for the BFSI sector, developed with Sarvam AI. This initiative aims to enhance credit decisions and personalize financial services by leveraging extensive financial data and India’s digital infrastructure.
