AGS Transact Technologies Limited Appoints Vinayak R Goyal as Managing Director of its Wholly Owned Digital Payment Subsidiary, India Transact Services Limited

MUMBAI, India, June 21, 2024 /PRNewswire/ -- AGS Transact Technologies Limited (BSE: 543451) (NSE: AGSTRA), one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients, announces the appointment of Vinayak R Goyal as the Managing Director of its wholly owned subsidiary, India Transact Services Limited (ITSL), which offers digital payment solutions. Vinayak previously served as Non-Executive and Non-Independent Director at ITSL, from June 9, 2021 up to June 16, 2024.

Vinayak R Goyal has been an Executive Director on the board of AGS Transact Technologies Limited since 2021. He has been instrumental in developing the growth roadmap for the company's digital payment business, focusing on driving the Issuance business with initiatives such as Ongo open-loop prepaid cards. Under his guidance, the company is currently pilot testing the integration of artificial intelligence (AI) into the Ongo app, enhancing its capabilities for seamless transactions. Additionally, Vinayak is overseeing the development of a contactless open-loop fuel payment solution within the Ongo app. Furthermore, under his leadership, the Company has made significant headway through strategic collaborations in its Prepaid business.

Commenting on the appointment, Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited said, "Vinayak's appointment reinforces our commitment to strengthening our leadership team and driving sustained growth in the rapidly evolving digital payment landscape. As a representative of the new generation, Vinayak brings a unique viewpoint and innovative approach to our digital payment strategy. I am confident that his leadership will be pivotal as we continue to expand our digital payment solutions and enhance our offerings to better serve our customers."

Mr. Vinayak R Goyal, MD, India Transact Services Limited, said, "Stepping into this role, I'm humbled to lead our digital payments business forward into a new era of innovation and growth. Together with our exceptional team, we're dedicated to shaping the future of digital transactions, focused on delivering seamless experiences for customers across the sectors."

Vinayak R Goyal brings a total work experience of over 9 years across areas such as Business Strategy, Investment Banking, and Fund Raising. He has previously worked with Avendus Capital Private Limited as an Analyst. He holds a degree from Purdue University, USA.

About AGS Transact Technologies Limited (AGSTTL)

Established in 2002, AGS Transact Technologies Limited (BSE: 543451| NSE: AGSTRA) is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients. AGS Transact provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. The company operates in three broad business segments, namely, Payment Solutions; Banking Automation Solutions; and Other Automation Solutions.

Ongo is a fast-growing omnichannel digital payment platform by AGS Transact Technologies, which offers convenient payment solutions. Launched in 2015, Ongo offers merchant Acquiring and Prepaid Issuance services. Ongo is a non-bank prepaid payment instrument and offers dedicated open-loop Prepaid solutions for consumers in segments.

AGS Transact Technologies serves diverse industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia. As of March 31, 2024, the company has deployed 248,585 payment terminals and was one of the largest deployers of PoS terminals at petroleum retail outlets in India, having rolled out 41,756 terminals at various petroleum retail outlets.

For more information, please visit www.agsindia.com

Safe Harbour Statement:

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily Predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.

For more information please contact:

Ajit Agwan, AVP - Marketing & Communication, AGS Transact Technologies Limited
Anshu Jain AGM – Corporate Communications, AGS Transact Technologies Limited
[email protected], [email protected] 

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