MUMBAI, 28th AUGUST 2019 (GPN): A digital payments & merchant solutions provider, India Transact Services Limited (ITSL) has entered into a partnership with Gujarat State Co-operative Bank (GSCB), an apex bank in Ahmedabad with the aim to digitally empower its merchant base and scale up their businesses. According to the partnership, ITSL will extend customised ONGO PoS solutions including mPOS, to the existing merchant base of the Bank which has more than 1,000 branches across Gujarat through its 18 affiliate District Cooperative Central Banks (DCCB).
ITSL is a subsidiary of AGS Transact Technologies Limited (AGSTTL) which is one of India’s leading providers of end-to-end cash & digital payment solutions with an installed base of 110,000 PoS terminals pan India (as on March 2019).
Commenting on the partnership, Sunil Khosla, Head, Digital Business- Retail, India Transact Services Limited, said, “This is our first partnership with an Apex bank for PoS solution. In other states we work directly with the Cooperative Banks. We believe that such collaborations will strengthen our merchant acquisition portfolio by helping us penetrate deeper into Gujarat markets including remote towns. Our integrated digital payments portfolio entails multi-acceptance device-based and device-less platforms such as ONGO Smart PoS, as well as value-add solutions like ONGO Billing++ and Prepaid & Loyalty Programs which will enhance the digital payment capabilities of their merchants. We have a strong portfolio presence in the country and with this partnership we will strengthen our presence in Gujarat.”
Factors like Pradhan Mantri Jan-Dhan Yojana, Aadhaar Enabled Payment System, UPI, rising smartphone penetration etc. have created favourable conditions for wider adoption of digital payments acceptance in India. In the past few years digital payments have grown significantly. Technological advancements in the Indian digital payment services ecosystem are providing fast transfers, convenience and faster check out options to Indian consumers. While there are many form factors available for making digital payments for end-consumers, the lack of merchant acceptance points still poses a deterrent in the country.
ITSL will leverage its capabilities to provide end-to-end digital solutions and work closely with GSCB to get more merchants under the ambit of digital India initiative.
About Gujarat State Cooperative Bank (GSCB)
GSCB was established in year 1960 and registered under the Gujarat State Cooperative Societies Act, 1961. The bank is already enjoying the status of a scheduled bank and having requisite Banking License. Nearly 28 Lacs farmers of 8100 PACS affiliated with GSCB through 18 DCCBs and co-operative banking unions are enjoying credit facilities. GSCB has a consistent history of receiving awards from NAFSCOB for its best overall performance and corporate governance. It has been receiving such awards in the past as well as for last four consecutive years.
India Transact Services Limited
ITSL a subsidiary of AGS Transact Technologies (AGSTTL) is engaged in the business of inter-alia,creating and dealing with electronic payments system.
Providing innovative payment solutions to a fast-growing merchant base, ITSL offers a host of products and services including payment processing platform for routing commercial and retail payments between buyers and sellers across the country. The company also provides services like distribution, training, activation, field support, transaction switching, network, reconciliation, settlement, and fraud management. Its value added services enable SMEs and merchants to run their own prepaid and loyalty programs.
ITSL’s clientele includes, inter alia, leading names from the banking, retail, petroleum, and transit sectors. ENDS
For more information, visit www.indiatransact.com