Pine Labs Listed

Pine Labs acts as a digital funnel between the merchant and the banks, enabling merchants to consolidate multiple acquirers on to a single platform which is integrated within their billing software.

9.2 Lakh merchants... using its products; examples cited include DMart, Lifestyle, Samsung, Flipkart

666 consumer brands using Pine Labs' products

164 financial institutions using its products; examples cited include SBI Payments, ICICI Bank, American Express

Merchants manage their day-to-day relationship with Pine Labs through the Pine Labs One app -- tracking settlements and payouts, viewing full transaction and digital charge-slip detail, customizing employee access across multiple stores, requesting devices, and sending EMI payment requests -- reducing dependence on manual support.

Pine Labs runs phone, WhatsApp and email support for merchants available 7 days a week, backed by a two-tier escalation path (Customer Service Head, then a Nodal Officer) for issues not resolved through the first channel.

Beyond the mobile app, Pine Labs gives merchants, banks and payment aggregators a self-service web portal to onboard, monitor transactions and manage their own accounts, with real-time analytics and reporting that reduces reliance on Pine Labs support staff.

For every payment made via its point-of-sale (POS) devices, the business charges a transaction fee.

Transaction fees of 1% to 3% based on the merchant's pricing strategy, plus setup and annual maintenance fees.

POS Machine, Payment Gateway, Prepaid, Credit & Fintech Infrastructure.

Pine Labs' core ongoing activity is processing payment transactions across its PoS, gateway and prepaid rails -- approximately 568 crore transactions worth roughly Rs 11.42 lakh crore in gross transaction value in FY25.

Pine Labs runs a Merchant Management System that automates onboarding and approvals, gives merchants a real-time transaction/performance dashboard, and applies built-in compliance checks and fraud detection across the merchant lifecycle.

Pine Labs continuously develops and integrates its payments 'operating system' through a mix of in-house engineering and acquisitions (e.g. Setu for APIs, Mosambee for offline POS), unifying in-store, online and prepaid products onto one platform.

Pine Labs holds all three key Reserve Bank of India payment licences -- Payment Aggregator (collect payments on behalf of merchants), Payment Gateway (provide tech platforms to facilitate payments for other companies), and Cross-Border Payment (facilitate international inward/outward remittances) -- making it the first company to hold all three.

Pine Labs operates and maintains a large on-ground network of Digital Check-out Points across its merchant base -- the physical payment-acceptance footprint underlying its platform.

Offline payment acceptance runs on Pine Labs' own device lines -- its Plutus Smart PoS terminals and the Mosambee mobile POS devices (Mosambee was majority-acquired by Pine Labs in 2022) -- giving it a hardware asset base for in-store transactions.

Pine Labs' Setu subsidiary (acquired 2022) provides the APIs for digital onboarding, bill payments, account aggregation and data verification that form the backend technology linking banks, fintechs and merchants across the platform.

Mastercard and Pine Labs partnered to expand a "pay later" instalment solution to five Southeast Asian markets in early 2021.

In-store payments earn subscription fees based on the number of devices; online payments earn a fee from merchants calculated based on the value of transactions.

Pine Labs primarily earns processing fees based on GTV (gross transaction value) processed or distributed through its platform.

Employee benefit costs are Pine Labs' single largest expense line, accounting for 37% of total expenses in Q3 FY26 (Rs 263 crore, up 5% year-on-year from Rs 251 crore in Q3 FY25).

Cost of materials -- linked to Pine Labs' POS hardware business -- rose 51% year-on-year to roughly Rs 104 crore in Q3 FY26, from about Rs 69 crore in Q3 FY25.

Finance cost and depreciation cost are recurring overhead lines that, together with rising employee and material costs, pushed Pine Labs' total expenses up 13% to Rs 705 crore in Q3 FY26.