Pine Labs profit increases sixfold amid India digital payment growth

Indian fintech company Pine Labs reported a more than sixfold increase in consolidated profit for the quarter ending September, rising to 385.7 million rupees ($4.05 million) from 59.7 million rupees the previous year. Revenue from operations grew 24 percent to 8.06 billion rupees.

The company’s digital infrastructure and transaction platform, its largest segment, saw a 20.8 percent revenue increase. Pine Labs also noted a 49 percent year-on-year rise in digital checkout points within the mid-market segment.

The growth aligns with a proposed Indian government framework regarding the Unified Payments Interface (UPI). The Ministry of Finance has outlined a merchant discount rate (MDR) of 0.4 percent on certain person-to-merchant UPI transactions exceeding 2,000 rupees. Pine Labs stated that nearly two-thirds of its UPI gross transaction value consists of transactions above this 2,000-rupee threshold, positioning the firm to benefit from the proposed framework.