AGS Transact Technologies Wins SBI Orders for 3,850 ATMs, Strengthening India's Payment Solutions

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AGS Transact Technologies Secures Major SBI Orders, Boosting ATM Deployment Across India

Team FS

12/Jun/2024

Key Points:

AGS Transact Technologies will deploy 1,350 ATMs for SBI by H1FY25 under its Banking Automation Solutions portfolio.
An additional order for 2,500+ ATMs/CRMs worth INR 1,100 crores over seven years was secured under the ATM Outsourcing portfolio.
As of March 31, 2024, AGS Transact Technologies has managed 75,361 ATMs/CRMs across 2,200 cities and towns in India.

AGS Transact Technologies Limited, a leading integrated omni-channel payment solutions provider in India, has recently achieved significant milestones by securing substantial orders from the State Bank of India (SBI). Known for its comprehensive range of digital and cash-based solutions tailored for banks and corporate clients, AGS is poised to enhance its market presence and strengthen its financial performance through these strategic engagements.

New Deployment Order:

In FY24, AGS Transact Technologies won an order to deploy 1,350 ATMs for SBI, a significant addition to its Banking Automation Solutions portfolio. This order is part of a broader effort by SBI to expand and modernize its ATM network across India, ensuring better accessibility and convenience for its customers. AGS has committed to completing this deployment by the first half of FY25, aiming to provide state-of-the-art banking automation solutions and long-term maintenance services. This initiative is expected to bolster AGS's top line within this business segment, reinforcing its reputation as a reliable partner in banking technology.

Long-term Maintenance Contracts:

The deployment includes not only the installation of the ATMs but also comprehensive long-term annual maintenance contracts. These contracts ensure that the ATMs operate smoothly and efficiently, reducing downtime and enhancing user experience. AGS's robust maintenance services are designed to address technical issues promptly, ensuring that SBI's ATM network remains reliable and secure for millions of users.

Major ATM Outsourcing Order:

In addition to the 1,350 ATMs, AGS Transact Technologies has also secured a significant order from SBI under its ATM Outsourcing portfolio within the Payment Solutions Business Segment. This order involves the deployment of over 2,500 ATMs/CRMs, valued at approximately INR 1,100 crores, over a span of seven years. The magnitude of this order underscores AGS's capabilities in handling large-scale projects and its pivotal role in India's financial ecosystem.

Expansive Reach:

As of March 31, 2024, AGS Transact Technologies has successfully installed, managed, or maintained a remarkable 75,361 ATMs/CRMs across 2,200 cities and towns in India. This extensive network highlights the company's operational expertise and its commitment to enhancing financial inclusion across urban and rural areas. The ability to service a vast array of locations demonstrates AGS's logistical prowess and its dedication to meeting the diverse needs of its clients.

Strategic Importance:

The orders from SBI are not just about expanding the ATM network; they represent a strategic move to enhance digital and cash-based payment solutions throughout India. By leveraging its technological expertise and extensive industry experience, AGS is positioned to play a critical role in the evolution of the country's financial infrastructure. The deployment of new ATMs and CRMs will facilitate easier access to banking services, especially in remote and underserved regions, thereby promoting financial inclusion and economic growth.

Future Outlook:

Looking ahead, AGS Transact Technologies is focused on sustaining its growth trajectory by securing more such strategic orders and expanding its service offerings. The company's ongoing investment in technology and infrastructure aims to meet the dynamic needs of the banking sector, providing innovative solutions that enhance efficiency and customer satisfaction. As the financial landscape evolves, AGS remains committed to driving transformation and delivering value to its stakeholders.

Conclusion:

In conclusion, the recent orders from SBI mark a significant achievement for AGS Transact Technologies, reflecting its leadership in the payment solutions industry. The deployment of 1,350 ATMs by H1FY25, along with the long-term ATM outsourcing contract, showcases the company's robust capabilities and its pivotal role in enhancing India's banking infrastructure. With a vast network of managed ATMs/CRMs and a strong focus on innovation, AGS Transact Technologies is well-positioned to lead the way in providing comprehensive and reliable payment solutions across India.

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