AGS Transact Technologies to manage prepaid card platform for IndianOil’s ‘XtraPower’ program | Capital Market News

AGS Transact Technologies announced that it has implemented and commenced managing the Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management program of Indian Oil Corporation (IOCL). AGS Transact will receive a fixed fee for these services, generating an estimated revenue of approximately Rs 58 crore over five years.

IndianOil’s ‘XtraPower’ is accepted at 35,000+ IOCL fuel retail outlets in India and processes fuelling transactions worth more than Rs 70,000 crore annually. AGS Transact Technologies’ end-to-end platform & management services include, developing & hosting the Application, provisioning the IT Infrastructure (Hardware & Software); providing Application Maintenance Support & Change Management; Managing Backend Operations; and Implementation of Security Operations Center (SOC) and a Security Information and Event Management (SIEM) system to strengthen the platform’s cybersecurity framework and enhance threat detection capabilities. Furthermore, the company will also manage Card Issuance for IndianOil’s XtraPower program.

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