Please take us through the origins and journey of AGS Transact Technologies Limited.
AGS Transact Technologies was incorporated in 2002. We started with deployment of cash dispensing machines subsequently expanding ourbusiness portfolio to providing automation solutions, ATM Outsourcing & managed services, cash management services and digital payments.Mr. Ravi B. Goyal, Chairman & MD AGS Transact Technologies Limited
Today, we are one of India’s leading providers of end-to-end cash & digital payment solutions and automation technology and have also started expanding our operations to Southeast Asian and other countries.
What kind of products and solutions does your company offer?
AGS Transact Services offers customized payment & automation solutions across banking, retail, petroleum and transit sectors. The Company’s operations cover approximately 2200 cities and towns, servicing approx. 2 35,000 machines or customer touch points across India, as of June 30, 2018.
Our business segments have been divided into three business verticals – Payment solutions, Banking Automation Solutions, and Other Automation Solutions for the retail, petroleum and colour sectors.
Our subsidiaries include Securevalue India Limited which is engaged in the business of cash management services and India Transact Services Limited which is engaged in the business of creating and dealing with electronic payment systems.
AGS Transact Technologies works with leading Indian financial institutions and retail chains to offer solutions, such as, Intelligent Cash Deposit Machines (iCD), Fastlane,- a cashless, contactless &and paperless fuel payment solution utilizing RFID technology, and all-in-one Smart POS solution which accepts various modes of payment including card-based, RFID, Bharat QR and UPI online acceptance and biometric-based.
In FY 2018 we had processed 427.14 million switching transactions. As of June 30, 2018 we have installed and maintained/ managed approx. 72,000 ATMs and replenished a daily average
amount of INR 8,016.97 million. Also, we have an installed base of 71,000 PoS terminals and 37,000 cash billing terminals and have automated approx. 8000 petroleum outlets across India.
How do you see the Indian digital ecosystem panning out in the near future? How does AGS plan to deal with the opportunities and challenges that could emerge?
In the past 10 years Indian payment ecosystem has seen a significant change owing to demonetization and government initiatives like Jan Dhan accounts and introduction of several payment platforms particularly the QR code based platforms and UPI. However, given the uniqueness of Indian economy, today both cash and digital modes of payment are coexisting and even flourishing. The PoS terminals have increased and digital payments have grown significantlysince 2016.
We have a work force of more than 9,900 personnel as on June 30, 2018, round the clockcall centers and a manufacturing & warehousing facility located in Damanwhich helps to provide our clients customized payment & automation solutions.
What are the future growth plans?
We (AGS Transact Technologies) intend to be a leader in payment solutions by delivering secure, innovative products that engage a customer across the product value chain in a cost effective manner. The primary elements of its future business strategy include focusing on growing our digital payment solutions business, focusing on ATM outsourcing and managed services, enhancing its integrated technology payments platform, cash management services, and international expansion.
Tags - Digital Payments, Fintech, ATM outsourcing, Cash Management