Setu: Setu and Axis Bank Launch UPISetu, India's UPI-focused Payments Platform for Businesses

Setu, a Pine Labs company, in partnership with Axis Bank, launched UPISetu, India's UPI-focused payments platform for businesses and developers. NPCI's UPI has seen a rise in India "with Person-to-Merchant (P2M) transactions alone witnessing a phenomenal rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024." Overall, UPI transactions growth stands at 137% over "the last 2 years (June'22 vs. June'24) as per NPCI data." UPI's speed, ease