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News on Medial
Setu launches UPI-focused payments platform with Axis Bank
YourStory
·
1y ago
Medial
Pine Labs, in partnership with Axis Bank, has launched UPISetu, a UPI-focused payments platform for businesses and developers. The platform aims to simplify integration, merchant on-boarding, transaction tracking, refund/chargeback management, and settlement extraction. It offers various UPI functionalities such as QR code payments, UPI autopay, and third-party validation services through APIs. Merchants can create custom links or QR codes for payments and access features like customised brand offers, instant cashbacks, refunds, and dispute resolution mechanisms. Setu encourages developers to explore UPISetu's sandbox environment for seamless integration and innovation.
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Related News
Pine Labs Launches Soundbox Device For Merchants To Accept Mobile & Card Payments
Inc42
·
11m ago
Medial
Pine Labs has introduced the 'Pine Labs Mini', a device that enables merchants to accept mobile and card payments across various networks such as Visa, Mastercard, American Express, and RuPay. The device also includes a 'tap and pay' feature for card payments up to INR 5,000. Additionally, Pine Labs' subsidiary, Setu, recently launched UPISetu, a UPI-focused payments platform for businesses and developers.
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Walmart-owned Flipkart launches Flipkart UPI to counter third-party apps
IndianStartupNews
·
1y ago
Medial
Walmart-owned ecommerce platform Flipkart has introduced its own Unified Payments Interface (UPI) service, allowing users to create UPI handles for transactions within and outside its platform. With over 500 million registered users, Flipkart aims to streamline payments by integrating UPI directly into its app. The move is seen as an attempt to reduce dependence on third-party payment apps like Google Pay and Paytm and enhance user convenience. Flipkart has also partnered with Axis Bank to launch the '@fkaxis' UPI handle and plans to expand its financial services through the new fintech platform, Super.Money.
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Paytm, Axis Bank To Submit TPAP Application With NPCI For UPI Biz
Inc42
·
1y ago
Medial
Paytm is seeking bank partnerships to support its UPI business as part of its response to RBI's restrictions on Paytm Payments Bank. They are set to jointly apply with Axis Bank to be a third-party application provider with NPCI for UPI on the mobile platform. Other banks like Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank are also being considered. Paytm currently has around 90 million UPI users on its platform.
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Four banks bag bulk of UPI beneficiary payments - The Economic Times
Economic Times
·
1m ago
Medial
Yes Bank, HDFC Bank, ICICI Bank, and Axis Bank control nearly 60% of merchant UPI payments, with Yes Bank leading at 40%. This dominance is largely attributed to Yes Bank's association with PhonePe. Axis Bank has increased its share to 10%, while State Bank of India maintains a steady 10% in these transactions. Banks seek to capitalize on merchant payments for revenue, charging fintechs for processing services despite UPI being free for merchants.
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Armed with merchant focused super apps, banks look to reclaim the QR code-based payments market
Economic Times
·
1y ago
Medial
Banks such as HDFC Bank, Axis Bank, and Yes Bank are recognizing the potential in small business payments and developing merchant-focused applications like Smarthub Vyapar, Axis Neo, and Yes Biz. These apps aim to provide various digital payment options for merchants to compete with popular UPI-based platforms like PhonePe, Paytm, Google Pay, and BharatPe. The banks also have plans to enhance the capabilities of these applications in the future.
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As RBI deadline nears, Paytm and Axis Bank to jointly submit TPAP application with NPCI this week: Report
IndianStartupNews
·
1y ago
Medial
Fintech giant Paytm and Axis Bank are applying to become third-party application providers for the Unified Payments Interface (UPI) platform in India. This move comes after the Reserve Bank of India directed Paytm to seek partnerships with banks to sustain its UPI operations due to restrictions placed on its payments bank, PPBL. Paytm is also in discussions with other banks, including Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank, to secure partnerships. The aim is to ensure that Paytm's 90 million UPI users do not face disruptions in service.
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Pine Labs Rolls Out UPISetu To Offer Unified Solution for UPI Payment Integration
Inc42
·
1y ago
Medial
Pine Labs has launched UPISetu, a UPI-focused platform developed in collaboration with Axis Bank. The platform aims to simplify and enhance UPI payment integration for businesses and developers. UPISetu offers comprehensive UPI functionalities through APIs, including QR code payments, UPI Autopay, EMI options, and features like brand offers, dispute resolution, and instant cashbacks. Pine Labs recently reported a 37% increase in revenue to INR 1,280 Cr in FY23, but also saw its net loss double to INR 56.2 Cr. The company is reportedly preparing for a $1 Bn IPO in India, following its expansion and strategic shifts.
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Flipkart launches UPI services to counter third party apps
Entrackr
·
1y ago
Medial
Flipkart has launched unified payments interface (UPI) services which will allow its users to set up their own UPI handle for online and offline merchant transactions within and outside of the e-commerce marketplace. On the Flipkart app, UPI can be used to pay for any product or service, including e-commerce transactions, scan and pay to UPI ID, and recharges and bill payments, the company said in a press release. The move will help Flipkart reduce its dependency on third-party apps such as Google Pay, PhonePe, Paytm, and its arch-rival Amazon (via Amazon Pay). The Bengaluru-based company claims that it has more than 500 million registered users and 1.4 million sellers on its marketplace. In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with ‘@fkaxis’ handle for their digital transactions using the app. Initially, the feature will be available for Android users. It’s worth highlighting that Flipkart provides co-branded credit cards in partnership with Axis Bank. Axis Bank is also helping the Walmart-owned company to expand its offering in the fintech space. As per media reports, Flipkart is planning to roll out a new fintech platform called Super.Money to offer lending, insurtech and other services. Headed by Prakash Sikaria, the new entity is likely to receive $20 million investment from Flipkart. In December, Flipkart raised $600 million from its holding company Walmart. The company is expected to raise $1 billion in total and was valued at $32.55 billion. Last year, foodtech major Zomato also launched its own UPI services in partnership with ICICI Bank.
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Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15
Economic Times
·
1y ago
Medial
Paytm is working to migrate its banking services from Paytm Payments Bank to other lenders, with four banks - Yes Bank, Axis Bank, HDFC Bank, and State Bank of India - set to support Paytm's consumer-facing UPI payments. The company is seeking certification from the National Payments Corporation of India to become a third-party payment app. Following this migration, Paytm's UPI handle provided by the payment bank may change. Paytm's stock has seen a significant decline since the regulator's action on Paytm Payments Bank, with the current market capitalization standing at approximately $2.7 billion.
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Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner
Inc42
·
1y ago
Medial
Paytm has secured a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) and is looking to partner with HDFC Bank as a payment service provider (PSP). Axis Bank and Yes Bank have already begun operating on the Paytm platform, and discussions are underway with Canara Bank and Kotak Mahindra Bank. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank, limiting its services, but allowing businesses and UPI users to continue using Paytm's payment features.
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