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Emkay Global Financial' research report on Pine Labs

However, we expect competitive intensity to rise across both segments, as adjacent-market players are increasingly targeting these pools. In merchant acquisition, industry growth is being led by digitization of small merchants, for whom low-end devices and strong distribution capabilities are crucial success factors. While Pine Labs is ramping up shipments of low-end Mosambee devices, its distribution is still weaker than peers’, limiting its right-to-win in this segment. Its India gift-card business is profitable albeit growth-constrained, while its international business is scaling up rapidly although i

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