UPI, the country’s mobile payments app has seen a surge in P2M (Person-to-Merchant) transactions with over 8.70 billion transactions in June 2024. Overall, the UPI transaction growth stands at 137% from June 2022, as per NPCI data.
The Pine Labs solution addresses the need of a unified, digital payment system, as well as a dedicated platform that leverages UPI’s potential to deliver NPCI’s latest solution and implement it to the market in a time fashionable matter.
UPISetu was specifically designed to support a wide array of UPI products, including QR code payments, UPI Autopay, EMI, and third-party validation (TPV). At the same time, it incorporates advanced functionalities like bank offers, dispute resolution, instant cashbacks, and refunds, all through robust APIs. UPISetu aims to cater to the diverse needs of the payment ecosystem consisting of banks and leading brands in the Southern Asia country.
Commenting on the new product launch, officials from Axis Bank mentioned that the collaboration with Pine Labs reinforces the bank’s commitment to the digitalisation and financial inclusion of the local merchant ecosystem.
Pine Labs is a merchant commerce omnichannel platform operating across India, Southeast Asia, and the Middle East. Its tech-first approach to digital payments aims to help businesses of all sizes better understand and implement fintech products to scale.
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