Bengaluru, September 10, 2024: AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), 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, today announced that it has implemented and commenced managing the Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management program of Indian Oil Corporation Limited (IOCL), India’s largest public sector enterprise. AGS Transact will receive a fixed fee for these services, generating an estimated revenue of approximately INR 58 crore over five years.
IndianOil’s ‘XtraPower’ is accepted at 35,000+ IOCL fuel retail outlets in India and processes fuelling transactions worth more than INR 70,000 crore annually. AGS Transact Technologies’ end-to-end 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. Furthermore, the company will also manage Card Issuance for IndianOil’s XtraPower program.
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.
