FinTech stock gains over 3 per cent as the company appoints Vinayak R Goyal as Managing Director of wholly-owned digital payment subsidiary ITSL

Vinayak R Goyal brings a total work experience of over 9 years across areas such as Business Strategy, Investment Banking and Fund Raising.

AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the largest integrated omnichannel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients, announces the appointment of Vinayak R Goyal as the Managing Director of its wholly owned subsidiary India Transact Services Limited (ITSL), which offers digital payment solutions. Vinayak previously served as a Non-Executive and Non-Independent Director at ITSL, from June 9, 2021, up to June 16, 2024.

Vinayak R Goyal has been an Executive Director on the board of AGS Transact Technologies Limited since 2021. He has been instrumental in developing the growth roadmap for the company’s digital payment business, focusing on driving the Issuance business with initiatives such as Ongo open-loop prepaid cards. Under his guidance, the company is currently pilot-testing the integration of artificial intelligence (AI) into the Ongo app, enhancing its capabilities for seamless transactions. Additionally, Vinayak is overseeing the development of a contactless open-loop fuel payment solution within the Ongo app. Furthermore, under his leadership, the Company has made significant headway through strategic collaborations in its Prepaid business.

Commenting on the appointment, Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited said, “Vinayak’s appointment reinforces our commitment to strengthening our leadership team and driving sustained growth in the rapidly evolving digital payment landscape. As a representative of the new generation, Vinayak brings a unique viewpoint and innovative approach to our digital payment strategy. I am confident that his leadership will be pivotal as we continue to expand our digital payment solutions and enhance our offerings to better serve our customers.”

Vinayak R Goyal, MD, India Transact Services Limited, said, “Stepping into this role, I'm humbled to lead our digital payments business forward into a new era of innovation and growth. Together with our exceptional team, we're dedicated to shaping the future of digital transactions, focused on delivering seamless experiences for customers across the sectors."

Vinayak R Goyal brings a total work experience of over 9 years across areas such as Business Strategy, Investment Banking and Fund Raising. He has previously worked with Avendus Capital Private Limited as an Analyst. He holds a degree from Purdue University, USA (As mentioned in the exchange filing).

About the Company

A leading Indian provider of digital and cash-based payment solutions, AGS Transact Technologies (founded in 2002) offers a variety of services including ATM and cash recycler machine outsourcing, cash management, digital payment solutions for merchants, transaction processing, and mobile wallets. With a presence across banking, retail, petroleum, and other industries, AGS Transact operates through three segments: Payment Solutions (ATM & CRM outsourcing, cash management), Banking Automation Solutions (sales of ATMs, cash machines, and related services), and Other Automation Solutions (machines and services for retail, petroleum, and colour segments). The company’s Ongo platform provides digital payment solutions for merchants and consumers, and as of March 2024, AGS Transact had deployed a vast network of payment terminals, including being one of the largest providers of PoS terminals at petroleum stations in India.

Share Performance

On Friday, June 21, 2024, shares of AGS Transact Technologies Ltd gained 3.78 per cent from its previous closing of Rs 86.48 per share with an intraday high of Rs 93 per share and an intraday low of Rs 86.07 per share. The stock’s 52-week high is Rs 126.70 and its 52-week low is Rs 54.56 on BSE. The company's stock is bullish, trading above both its 50-day and 200-day moving averages at Rs 77.02 and Rs 78.35, respectively.

Disclaimer: The article is for informational purposes only and not investment advice.