AGS Transact to Manage Prepaid Card Platform for IOCL’s XtraPower Program

AGS Transact Technologies Limited, a leading provider of digital and cash-based payment solutions, announced on September 10, 2024, that it has launched and is now managing the Prepaid Card Platform for Indian Oil Corporation Limited’s (IOCL) ‘XtraPower’ fuel and fleet management program. IOCL is India’s largest public sector company. AGS Transact will earn around ₹58 crore in revenue over the next 5 years for these services.

The ‘XtraPower’ program is accepted at over 35,000 IOCL fuel stations across India and processes transactions worth more than ₹70,000 crore annually. AGS Transact’s role includes developing and maintaining the platform, providing the necessary IT infrastructure, handling backend operations, and enhancing cybersecurity through a Security Operations Center (SOC) and a Security Information and Event Management (SIEM) system. The company will also manage the program’s card issuance.

Mr Ravi B. Goyal, Chairman and MD, AGS Transact 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 Limited provides specialised digital payment solutions to major banks, companies, and oil marketing companies (OMCs) in India. In FY24, its advanced transaction-switching software processed around 625 million transactions. The company’s digital payments division offers services for merchants and card issuance across different sectors.

About AGS Transact Technologies Limited

Founded in 2002, AGS Transact is one of India’s leading providers of both digital and cash-based payment solutions for banks and corporate clients. Its services include outsourcing for ATMs and cash recycling machines (CRMs), cash management, and various digital payment solutions like merchant services, transaction processing, and mobile wallets. The company operates in three main areas: Payment Solutions, Banking Automation Solutions, and Other Automation Solutions. 

On September 10, 2024, the share price of AGS Transact Technologies opened at ₹109.95, touching the day’s high of ₹112.00 at 11:13 AM. 

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