AGS Transact Technologies has signed a strategic alliance with PAX Technology Ltd. (PAX) to provide Point-of-Sale (POS) terminals and increase touch points for transactions acquiring. The objective of this alliance is to encourage a shift from paper to more secure electronic payment modes in the urban and rural markets of India. The alliance 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.
Satish Zope, Executive Vice-President, AGS TTL, said, “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.”
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 including 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.
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