Pine Labs’ cloud-based services platform connects to 100,000 merchants in India that operate 330,000 POS terminals. The terminals operate on reduced functionality. They simply route transactions to Pine Labs, which then routes them to acquiring banks. Payments can be initiated by cards, QR codes, or phone-number billing. Pine Labs also handles mobile payments from apps such as PhonePe and Google Pay when merchants are not directly signed to acceptance deals by the wallet provider. In addition to payments, Pine Labs’ platform also facilitates business loans to merchants and installment l...