AGS Transact Technologies Ltd, the leading ATM outsourcing and Payment Services Company, today announced the signing of a strategic alliance with PAX Technology Ltd (PAX) to be able to provide Point of Sale (POS) terminals and increase touch points meant for transactions acquiring.
The alliance from its part 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 as well as 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.
Satish Zope, executive vice president at AGS TTL alleged that: “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. 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”.
Latha Priyadarshini, Country Head – India at PAX, concluded that: “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”.