A digital payments and 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 Point of Sale (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 favorable 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.