The increasing demand for cost-effective solutions, minimal down-time, and fraud prevention have made automation an integral part of the payment industry. The COVID-19 pandemic has also significantly boosted the growth of digital payments industry. Amongst the leading digital payment solution providers is, AGS Transact Technologies Limited. It is one of India’s leading providers of end-to-end cash & digital payment solutions as well as automation technology, and is driving the transformational changes in the digital payments industry.
AGS Transact Technologies (AGSTTL) is led by Ravi B. Goyal, the Founder, Chairman and Managing Director of the company. Since its inception in 2002, the company has diversified into cash and digital payments and offers customised payments and automation solutions to its clients across various sectors. AGSTTL serves across 2200 cities and towns through its wholly-owned subsidiaries — India Transact Services Limited and Securevalue India.
Wide Spectrum of Customized Solutions
“I firmly believe that technology will revolutionize the business landscape in India and our services and solutions are designed and customized to reflect the same,” asserts Ravi. AGS Transact Technologies primarily provides solutions across three business verticals — Payment Solutions, Banking Automation Solutions, and Other Automation Solutions for retail, petroleum, transit, and colour sectors. It has over 3, 60,000 customer touchpoints and a dedicated workforce of more than 13,000 personnel serving multiple sectors. Furthermore, the company provides Cash Management and Vault services through its wholly-owned subsidiary Securevalue India Limited (SVIL), and merchant digital solutions via India Transact Services Limited (ITSL).
AGS Transact Technologies has expanded its Banking Automation Solutions and Banking Payment Solutions segments to the Southeast Asian countries such as Singapore, Cambodia, Indonesia, Philippines, and Sri Lanka. The company takes pride in its world-class payment infrastructure that houses an innovation center, software lab, testing and repair center, round-the-clock call centers, and a manufacturing & warehousing facility located in Daman. It is constantly working on providing best-in-class products and technologies to its clients by catering to the current industry challenges and enhancing user experience. Additionally, AGSTTL aims to leverage revolutionary technologies and innovations to support the coexistence of cash and digital payments in the future.
Innovation with Collaboration
AGS Transact Technologies emphasises on providing solutions that can simplify complex processes across sectors. Its payment infrastructure supports both cash and digital payments, which allows it to continuously innovate and evolve. The company recently introduced Fastlane, India’s first fueling app in partnership with HPCL. It also launched AGS QR Cash, a UPI QR-based solution which facilitates card-less cash withdrawals from ATMs by scanning a QR code using a smartphone. Its ONGO Business POS terminal is android-based and equipped to accept all kinds of digital modes of payments providing added convenience to merchants. Additionally, AGS collaborated with its partner banks to introduce mobile ATM services in more than 20 cities and towns pan India during the nationwide lockdown owing to coronavirus pandemic, which provided the customers an easy access to cash in restricted areas.
The Business Contingency Plan
The unexpected outbreak of the COVID-19 has significantly impacted industries. To tackle this unprecedented situation, AGS Transact Technologies implemented a Business Contingency Plan in collaboration with its partner banks to avoid cash-out situations at ATMs in its network—which resulted in uninterrupted operations of 90% ATMs in its pan India network. Moreover, the staff of the company ensured the ATMs, cash vans, and currency cassettes/chests were frequently sanitized. The seamless coordination between company’s service and tech support teams ensured delivery of work with minimum downtime. A strong ‘work from home’ infrastructure was created by the company to support the clients and ensure maximum client satisfaction.
Keeping the Morale High
“At AGS Transact Technologies, employee safety is of paramount importance,” says Ravi. AGSTTL’s employees have been working with great zest and energy during these tough times, which has helped in business continuity for its clients. The company has acknowledged the commitment of its employees and announced ‘no salary cuts’ across levels. Also, appraisals were conducted and eligible employees were given increments and promotions according to their performance. Furthermore, all the members of the company’s field staff who reported to their place of work during lockdown were incentivised.
Presently, as work from home continues to be the new normal, AGS Transact Technologies is focusing on keeping its workforce more engaged and involved in a remote working environment through digital platforms. Recognizing the importance of human connection, the company is consistently finding ways to facilitate collaboration, engagement, and interactions.
Contactless Payments: The New Normal
The pandemic has made many businesses rethink about their business strategies and redesign their products according to the changing customer needs. The crisis has created several opportunities for sectors such as grocery platforms, online pharmacies, OTT players, Edtech, gaming, recharges, utility payments, etc. The ATM transactions were impacted in the initial phases of the lockdown as consumers began to use digital modes of transactions for their purchases and there were restrictions on people’s movement. However, there has been a considerable surge in both digital and cash payments over the past few months.
During this digital shift, digital banking, as well as contactless payments have gained ground in India as consumers and merchants embraced these payment modes. Thus, there are several opportunities for innovation in this sector. AGS Transact Technologies has made the most of this opportunity by introducing ‘Touchless’ Solution, an extension of the flagship UPI QR based cash withdrawals solution on ATMs. In the near future, AGSTTL is striving to introduce many such innovations and be the game-changer in the payments industry by supporting the surge of digital payments and revolutionizing the way people access cash.
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