Pine Labs profit jumps over sixfold as India’s digital payments boom lifts demand
A worker uses a Pine Labs machine for transaction at a fuel station in Ahmedabad, India, August 5, 2022. REUTERS/Amit Dave
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
Oct 29 : Indian fintech firm Pine Labs reported a more than sixfold jump in second-quarter profit on Thursday, buoyed by rising adoption of digital payment services, sending its shares up nearly 6 per cent.
More than 500 million people use the Unified Payments Interface (UPI) in India for transactions ranging from everyday purchases to high-value consumer goods.
Here are some details:
• Consolidated profit rose to 385.7 million rupees ($4.05 million) in the quarter ended September, up from 59.7 million rupees a year earlier
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
• Revenue from operations rose 24 per cent to 8.06 billion rupees
• The company’s digital infrastructure and transaction platform, which is its largest segment by revenue and primarily monetised through subscriptions and transaction fees, posted a 20.8 per cent rise in revenue
• Pine Labs said demand for its payment terminals strengthened in the mid-market segment, where digital checkout points grew 49 per cent year-on-year
• The company said it stands to benefit from the government’s proposed framework of 0.4 per cent merchant charge on UPI transactions exceeding 2,000 rupees
• “Pine Labs sits squarely in the window the framework was designed to monetise,” it said, adding that nearly two-thirds of its UPI gross transaction value comes from transactions above 2,000 rupees
($1 = 95.2200 Indian rupees)
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
