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AGS Transact commences management of prepaid card platform for IndianOil’s ‘XtraPower’

10 Sep 2024 Evaluate

AGS Transact Technologies has implemented and commenced managing the Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management program of Indian Oil Corporation (IOCL), India's largest public sector enterprise. AGS Transact will receive a fixed fee for these services, generating an estimated revenue of approximately Rs 58 crore over five years.

IndianOil’s ‘XtraPower’ is accepted at 35,000+ IOCL fuel retail outlets in India and processes fueling transactions worth more than Rs 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.

AGS Transact Technologies offers niche digital solutions to leading Banks, Corporates and OMCs in India. Its state-of-the-art transaction switching software processed around 625 million switching transactions in FY24. Additionally, the company’s digital payments business offers merchant acquiring and issuance services across various sectors.

AGS Transact Technologies operates its business in Payment Solutions; Banking Automation Solutions; and other Automation Solutions (for customers in the retail, petroleum and colour sectors) segments.

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