Mumbai, April 3rd 2014: AGS Transact Technologies Ltd (AGS TTL), the leading ATM outsourcing and Payment Services Company, today announced the signing of a strategic alliance with PAX Technology Ltd (PAX) to provide Electronic Funds Transfer at Point of Sale (“EFT-POS”) terminals and increase touch points for transactions acquiring. The objective of this alliance is to encourage a shift from paper to more secure electronic payment modes in urban and rural markets of India. The alliance will allow both companies to drive new growth opportunities in the Indian market and help attain the position of the largest transaction accumulator and acquirer in India.
As per Payment Systems in India: Vision 2012-2015, a report by the Reserve Bank of India, an analysis of the payment system landscape in India reveals that while the growth of electronic payments including RTGS transactions has been impressive, the benefits of modern electronic payment systems are yet to reach all sections of the society and be accepted across the length and breadth of the country.
Commenting on the tie-up Mr. Satish Zope, Executive Vice President at AGS TTL said, “We take immense pride in forging this alliance with PAX which is in sync with the AGS payments strategy of expanding its point of transaction presence across India.”
Mr. Mark O’Flynn, Sales Director and Latha Priyadarshini, Country Head – India added: “Through this partnership, both companies are now well placed to leverage on each other’s strengths and corner a significant market share of the Indian payments market.”
Mr. Daniel Poon, President for the Asia Pacific Region at PAX, concluded: “By combining PAX’s expertise in designing and manufacturing innovative traditional and mobile point of sale devices, and AGS’s automated service infrastructure, transaction switching and processing capability, this alliance marks the beginning of making available a host of exciting payments services on the fingertips of the Indian consumer.”
About AGS Transact Technologies Ltd.:
AGS Transact Technologies Ltd. offers technology-based solutions for banking, retail, paint and petroleum sectors. Equipped with extensive experience in banking technology, AGSTTL provides a complete suite of self-service banking products. The company is a dominant provider of ATM outsourcing services to the Indian banking industry. Since its inception AGSTTL has installed over 30,000 ATM’s for various customers. The customers in the banking segment amongst others include ICICI Bank, HDFC Bank, State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, Dhanlaxmi Bank, and Dena Bank.
About PAX Technology:
PAX Technology Limited (“PAX”) is a wholly owned subsidiary of PAX Global Technology Ltd., which listed on the Hong Kong Stock Exchange in December 2010 under stock code HKEx 00327. PAX is an innovative global provider of electronic payment solutions offering world-class, cost effective and superior quality payment solutions. Our comprehensive portfolio of PCI and EMV compliant Electronic Funds Transfer at Point of Sale (“EFT-POS”) terminals include various models within each of the key segments of Countertop, Mobile and Wireless, Multilane Retail and Contactless / NFC.
PAX has consistently been the top ranking supplier of EFT-POS terminal solutions to acquiring banks in China, while evolving in the last 4 years into a major global player, winning substantial market share in international markets with innovative products that are fully compliant with international standards.
Building on its service excellence and proven leadership position, PAX is considered one of the fastest growing payment solution providers with world-class manufacturing and R&D capabilities and a growing sales and channel partner network across the globe.
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