Axis Bank to introduce new UPI-based offerings to improve payment experience

Axis Bank

Axis Bank aims to introduce new UPI-based offerings that would elevate the payment experience and cater to emerging needs of customers, the private lender said on October 14

Axis Bank is committed to enhancing its leadership in the UPI space through ongoing collaboration with the ecosystem, focusing on innovative products like UPI Lite, UPI AutoPay, and Merchant Plug-in for merchant payments, the bank said in a statement.

“We will continue leveraging advanced technology and strategic collaborations to deliver and co-create secure, reliable, and scalable modes of payments,” Sanjeev Moghe, president & head - cards & payments, Axis Bank, said.

The bank led the UPI payments service providers space with a market share of 30.87 percent as of September, National Payments Corporation of India (NPCI) data shows.

Axis Bank has focused on partnering with not only large fintech giants, who were early entrants in the UPI space, but also joining hands with new players.

The objective of these tie-ups is to capture the captive base of these new entrants and offer them UPI solutions directly on their apps, the release said.