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.