AGS Transact Technologies Limited Implements and Commences Management of Prepaid Card Platform for IndianOil’s Flagship ‘XtraPower’ Fuel & Fleet Management Program
AGS Transact Technologies Limited Implements and Commences Management of Prepaid Card Platform for IndianOil’s Flagship ‘XtraPower’ Fuel & Fleet Management Program
Bengaluru, September 13, 2024 – AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), today announced the implementation and commencement of Prepaid card platform management for ‘XtraPower’, the fuel & fleet management program of Indian Oil Corporation Limited, India’s largest Oil PSU. AGS Transact, one of the leading providers of integrated omni-channel payment solutions in India, in terms of providing digital and cash-based solutions to banks and corporate clients, will earn a fixed fee for providing these services for a period of five years.
IndianOil’s ‘XtraPower’ is accepted at 25,000+ IOC fuel retail outlets in India and processes fuelling transactions worth more than Rs 60,000 crore annually. Trusted by several lakhs of Customers, XTRAPOWER is the ideal choice for large logistics service providers, small fleet operators and corporate customers who need complete control over their fuel and fleet management. The program also offers attractive loyalty benefits to the customers.
AGS Transact Technologies’ platform & management services include, developing & hosting the Application, provisioning the IT Infrastructure (Hardware & Software); providing Application Maintenance Support & Change Management; Managing Backend Operations; and Implementation of Security Operations Center (SOC) and a Security Information and Event Management (SIEM) system to strengthen the platform’s cybersecurity framework and enhance threat detection capabilities. The company will also manage Card Issuance for IndianOil’s XtraPower program.
Commenting on the collaboration, Mr. N.D. Mathur, Executive Director (Retail Transformation) Indian Oil Corporation Limited said “The ‘XtraPower’ fuel and fleet management program exemplifies IndianOil’s dedication to providing cutting-edge, customer-centric solutions. Through our collaboration with AGS Transact Technologies, we aim to elevate the digital experience, implementing significant enhancements in fleet management across India. We are confident that this partnership will ensure greater efficiency and security in every transaction, offering substantial value and convenience to fleet operators who rely on IndianOil for their fuel management needs.”
Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited said, “we are delighted to partner with IndianOil on their flagship ‘XtraPower’ fuel & fleet management program. At AGS Transact, we are dedicated to transforming the mobility ecosystem in India. By offering comprehensive prepaid card platform and management services, we aim to drive the modernisation of fleet management solutions across the country. This collaboration reinforces our commitment to delivering innovative, secure payment solutions that empower businesses to operate more efficiently and with greater ease.”
AGS Transact Technologies offers niche digital solutions to leading Banks, Corporates and OMCs in India. Its state-of-the-art transaction switching software processed ~625 million switching transactions in FY24. Additionally, the company’s digital payments business offers merchant acquiring and issuance services across various sectors.
About AGS Transact Technologies Limited (AGSTTL)
Established in 2002, AGS Transact Technologies Limited (BSE: 543451| NSE: AGSTRA) is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients. AGS Transact provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. The company operates in three broad business segments, namely, Payment Solutions; Banking Automation Solutions; and Other Automation Solutions.
Ongo is a fast-growing omnichannel digital payment platform by AGS Transact Technologies, which offers convenient payment solutions. Launched in 2015, Ongo offers merchant Acquiring and Prepaid Issuance services. Ongo is a non-bank prepaid payment instrument and offers dedicated open-loop prepaid solutions for consumers across segments.
AGS Transact Technologies serves diverse industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia. As of June 30, 2024, the company has deployed 2,48,834 payment terminals and was one of the largest deployers of PoS terminals at petroleum retail outlets in India, having rolled out 41,777 terminals at various petroleum retail outlets. For more information, please visit www.agsindia.com
