Pine Labs-owned Setu partners Axis Bank for UPI-focused payments platform

Pine Labs-owned Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank.

The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs.

“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.


Founded in 2018 by Sahil Kini and Nikhil Kumar, Setu operates across multiple domains, including account aggregation, data gateways, identity verification, embedded finance, Open Network for Digital Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service.

Pine Labs acquired Setu for about $70-$75 million in 2022.

On May 7, Setu announced the launch of Sesame, India’s first large language model (LLM) tailored specifically for the banking, financial services, and insurance (BFSI) sector. Sesame leverages both internal and external financial data to enhance credit underwriting, detect fraud, monitor loan performance, and provide personal finance advisory.

UPI transactions totalled Rs 3.8 lakh crore from 2.5 billion transactions in the first five days of August alone, with daily transactions reaching 502.9 million on August 5, showed data from National Payments Corporation of India (NPCI). Over the past three months, the total value of UPI transactions has consistently exceeded the Rs 20 lakh crore mark every month.