Bengaluru, NFAPost: AGS Transact Technologies Executive Director Vinayak Goyal along with TheNFAPost Newspaper Managing Director and India Business Editor Dr Rajesh Palayil showcased the RuPay-backed National Common Mobility Card (NCMC) in partnership with RBL Bank for Namma Metro commuters in the city
This highly secured card can be used in all metro travel in the country and can be used for financial transactions as a debit card. The card is not linked to any bank account but follows all KYC procedures to own it.
Speaking at the event, AGS Transact Technologies Executive Director Vinayak Goyal said the company is laser focused on providing seamless commuting experience for passengers who avail Namma Metro operated by Bangalore Metro Rail Corporation Ltd (BMRCL).
“While issuing this card, AGS Transact Technologies bank on its experience in delivering digital and cash-based solutions to banks and corporate clients. Here starting from registration to transaction experience while metro travel are seamlessly integrated so that commuters valuable time will be saved,” said AGS Transact Technologies Executive Director Vinayak Goyal.
AGS Transact Technologies Executive Director Vinayak Goyal also pointed out its Rupay powered NCMC open-loop card for BMRCL is an interoperable prepaid card.
“To attract more customers, this NCMC card can be used for making various payments including retail, fuel, toll and parking as well as offline contactless transactions of low value. Our wish is that AGS Transact card will help citizen make their payments at other mobility services like bus, suburban railways, ferry (boat) service, etc,” said AGS Transact Technologies Executive Director Vinayak Goyal.
BSE-listed AGS Transact Technologies Limited, one of the largest integrated omni-channel payment solutions providers in India, has tied up with various metro rail corporation in the country
for digital payment by joining hands with different banking partners.
TheNFAPost Newspaper Managing Director and India Business Editor Dr Rajesh Palayil said AGS Transact’s RuPay-backed NCMC card for Namma Metro travellers further strengthens Prime Minister Narendra Modi vision of ‘One Nation. One Card’.
“It is a momentous occasion for Namma Metro as Bengalureans can use AGS Transact issued NCMC card for thier travel across the country. The Silicon Valley of Asia is known for its technies travelling in India and abroad. For them the card will provide a seamless experience in their transaction,” said TheNFAPost Newspaper Managing Director and India Business Editor Dr Rajesh Palayil.
AGS Transact Technologies, which provides digital and cash-based solutions to banks and corporate clients, has provided and is managing this complete solution on behalf of RBL Bank.
Explaining the company strategy, AGS Transact Technologies Executive Vice President Alok Singh said the Namma Metro card will find fast adoption in the city as it is known for its tech savvy youngsters.
“Besides providing commuting experience, we have made RuPay-backed NCMC card in partnership with RBL Bank help metro commuters indulge in shopping spree in the city along with fuel, toll and parking bill payment. Our marketing team is working on various attractive schemes and on barding partners,” said AGS Transact Technologies Executive Vice President Alok Singh.
AGS Transact Technologies Executive Vice President Alok Singh also highlighted the card is known for its transparent KYC norms and since it is not linked to individuals banks account customer financial details are very secure.
During the 3rd quarter of FY2024, the company’s net sales stood at Rs 373.75 crore, down 10.03% from Rs 415.42 crore in December 2022. At the same time, AGS Transact Technologies quarterly net loss touched at Rs. 15.38 crore in December 2023, down 223.66% from Rs 12.44 crore during the same period in the previous quarter.
Backed by clients as Punjab National Bank and Union Bank of India, AGS Transact Technologies managed to bring on board 8,000 ATM/CRMs under their Managed Services fold. The company 65% revenue still come from its cash payment division. The company also recently won contract worth Rs 1,100 crores for the supply, installation and management of more than 2,500 ATMs with the State Bank of India (SBI).
