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Firms like Razorpay and Pine Labs are eyeing the lucrative international remittances market with their newly received cross-border payment aggregator licences. The opportunity, albeit large, is not without challenges.

While the payments company saw its first full year of profitability in FY26, the real progress will depend on whether it can continue to prove that it’s more than a POS company.
Promoters balk at smaller issues and uncertain pricing, choosing to wait out volatility.
The payments firm had a ‘record’ quarter without making any significant headway in its businesses.