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3w ago

Sitharaman Visits Pine Labs to Spotlight Fintech’s Role in India’s UPI Expansion

Her tour of Pine Labs follows a nearly 92% surge in UPI QR codes over the past year, with 668 banks now integrated into the platform.

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Overview

  • Finance Minister Nirmala Sitharaman toured Pine Labs’ Noida campus, praising fintech firms for strengthening India’s Digital Public Infrastructure and broadening financial access for merchants and MSMEs.
  • Pine Labs demonstrated ongoing projects including prepaid instruments, the Account Aggregator framework and digital services for the Public Distribution System and other government schemes.
  • The company highlighted UPI Setu, its unified payments interface product launched in August 2024 in partnership with Axis Bank, aimed at simplifying UPI transactions for businesses and developers.
  • Reserve Bank of India data show UPI QR codes jumped 91.5% to 657.9 million in fiscal 2024–25 and 668 banks had live UPI integrations by April 2025.
  • UPI accounted for nearly 80% of India’s digital transactions in FY24 as regulators granted NPCI flexibility to adjust in-person merchant payment limits to meet user needs.