these customers was required to close their ATMs at a significant number of locations or put their
expansion plans on hold, our revenues would be significantly affected.

Although there have been no past instances of termination of arrangements with our top 10 customers in
the last three financial years, our major customers may elect not to renew their contracts upon expiration.
Even if such contracts are renewed, the renewal terms may be less favourable to us than the current
contracts. If any of our major customers fails to renew its contract upon expiration, or if the renewal
terms with any of them are less favourable to us than under our current contracts, it could result in a
decline in our revenues and profits, which may have an adverse effect on our business, results of
operations, cash flows and financial condition.

A decrease in the use of cash as a mode of payment could have an adverse effect on our business,
results of operations, cash flows and financial condition.

Our business and results of operations are significantly dependent on the maintenance and growth of the
ATM network in India and on the use of cash as a mode of payment. While some of our agreements with
our banking customers provide for payment on a lump sum basis, we derive our revenues from our other
agreements on the basis of the number of transactions at the ATMs that we manage and operate.
Consequently, the proliferation of payment options other than cash, including credit cards, debit cards,
stored-value cards, mobile payments and on-line purchase activity, could result in a reduced need for
cash in the marketplace and a decline in the need for ATMs in the country. The demonetization of the
currency in November 2016 also led to a shortage of currency circulation in the short term and adversely
affected the ATM managed service market. In addition, the COVID-19 pandemic has reduced the
number of transactions at our ATMs under our outsourcing and managed services model, as a result of
significantly reduced movement and reluctance to use cash in transactions and therefore withdraw cash
from ATMs in general. See “— The Coronavirus Disease 2019 (COVID-19) pandemic has had and may
continue to have certain adverse effects on our business, operations, cash flows and financial condition.
The continuing impacts of Coronavirus Disease 2019 (COVID-19) are unpredictable and could be
significant, and the extent to which it or the effect of outbreaks of any other severe communicable disease
may continue to do so in the future is uncertain and cannot be predicted.” on page 25. In the event of a
decline in the use of cash as a mode of payment, our banking customers may decide not to expand their
ATM network or may downsize their current ATM network.

We undertake fee-based activities and our financial performance may be adversely affected by an
inability to generate income from such activities.

The primary drivers of our revenue are the fees that we charge for our products and services, and the
volume achieved of such fees. The fees we charge our customers can depend upon a number of factors
that are, in part, within our control, which can include our overall business strategy, our expenses related
to a particular transaction type, the volume of transactions for a product or service (where the greater the
number of expected transactions will typically result in us setting a smaller fee, and vice versa), or
promotions that we may be running at any given time. Further, they also depend upon a number of
external factors, which can include general macro-economic conditions, the market value of certain
infrastructure, the supply or demand for a product and service, regulatory instructions (for example,
interchange fees on ATMs and merchant discount rates on RuPay debit cards imposed by the RBI and
NPCI), changes in general banking activity and competitive factors with certain other payments or
fintech companies. Competitive factors in particular, have and may continue to have an adverse effect on
our ability to charge higher fees to improve our margins.

In addition, due to us charging our fees primarily on per transaction basis, the volume of transactions that
we record is a primary driver of our revenue. The volume of transactions depend upon a number of
factors that are, in part, within our control, which can include the number of and availability of customer
touchpoints, the usability of our customer-facing technology and the reliability and capacity of such
technology to handle large volumes of transactions, our marketing efforts and customer care initiatives,
and the extent to which our customer touchpoints represent our brand in a positive manner. Further, the
volume of transactions also depend upon a number of external factors, which can include general macro-
economic conditions, critical technology and power infrastructure, government initiatives regarding
financial inclusion, digitization of transactions and payments in India, changes in general banking
activity and competition.

If we are unable to manage and plan for the factors within and out of our control, we may not adequately
set our fee structure to cover all or some of our costs or miss revenue generating opportunities, or even
where adequately set, we may miss opportunities to increase volume, each of which may adversely affect
our business, financial condition, results of operations and cash flows.

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