AGS Transact Technologies has launched and will manage the Prepaid Card Platform for Indian Oil Corporation’s ‘XtraPower’ fuel and fleet management program. The contract is valued at around INR 58 crore over five years.
IndianOil’s ‘XtraPower’ is used at over 35,000 IOCL fuel outlets and handles transactions exceeding INR 70,000 crore annually. AGS Transact Technologies will develop and manage the end-to-end prepaid card platform, including IT infrastructure, application support, backend operations, cybersecurity enhancements (SOC and SIEM), and card issuance.
Mr. Ravi B. Goyal, Chairman & MD of AGS Transact Technologies, expressed enthusiasm about partnering with IndianOil on the ‘XtraPower’ program. He highlighted AGS Transact’s commitment to modernizing fleet management in India through its comprehensive prepaid card platform and management services.
The company aims to enhance efficiency and security in payment solutions. AGS Transact provides advanced digital solutions to banks, corporates, and OMCs, processing approximately 625 million transactions in FY24 and offering merchant acquiring and issuance services.