Bengaluru, 20th of October, 2024 : AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omni-channel payment solutions in India, providing digital and cash-based solutions to banks and corporate clients, today announced that the Philippines’s largest bank-agnostic network of mobile ATM RCBC ‘ATM Go’ deployed by the Philippines’ fastest growing bank Rizal Commercial Banking Corporation (RCBC) and powered by our international Group Company Novus Technologies Pte. Limited, has reported remarkable growth. RCBC’s ATM Go serves as the last mile in delivering banking services nationwide.
The Bank announced ATM Go’s revenue increase by 50%, and gross transaction value rose by 31%, as of August 2024. Additionally, compared to the previous year, the number of deployed terminals and merchant partners surged by 113% and 150%. By August 2023, ATM Go had already hit US$ 132.1 million in value (PHP 7.5 billion).
AGS Transact’s international Group company earns revenue in the form of monthly fixed fee and transaction fee.
The pioneering RCBC ATM Go powered by Novus Technologies, is Philippines’ first bank-agnostic, last-mile, and community mobile ATM, and has been built in a partnership between Novus Technologies and RCBC. It boasts of 100% nationwide coverage, available in 96% of cities and 51% of municipalities. This innovative solution enables cash withdrawals and deposits, bank transfers, account management, e-load purchases and bill payments. To date, it has benefitted over 10 million families, with 60% of transactions conducted by rural women engaging with ATM Go agents on a monthly basis in geographically isolated and underserved areas.
As the only private universal bank present in all provinces of the Bangsamoro Autonomous Region in Mindanao, RCBC is uniquely positioned to drive financial inclusion. It has witnessed over 90% of ATM Go transactions originating from rural communities and 68% of our users being rural women, which reaffirms the powerful role that access to banking services plays in empowering individuals. Further, around 60% of these transactions are linked to Conditional Cash Transfer (CCT) programs.
RCBC’S ATM GO leverages the secure and robust technology stack provided by Novus Technologies, ensuring reliable access to cash withdrawals, deposits, transfers, and bill payments, even in remote areas. Further, the seamless integration of Novus’ platform with RCBC’s core systems enables real- time transactions, promoting financial inclusion for millions who face barriers to traditional banking. It is PCI-DSS compliant and equipped with advanced fraud detection mechanisms.
RCBC’s ATM Go has received widespread recognition, including prestigious awards in the Philippines such as the Best ATM Project in The Asset Triple A Digital Awards 2024 and Best SME Financial Inclusion Initiative in The Digital Banker – Global SME Banking Innovation Awards.
About AGS Transact Technologies Limited (AGSTTL)
Established in 2002, AGS Transact Technologies Limited (BSE: 543451| NSE: AGSTRA) is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients. AGS Transact provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. The company operates in three broad business segments, namely, Payment Solutions; Banking Automation Solutions; and Other Automation Solutions.
Ongo is a fast-growing omnichannel digital payment platform by AGS Transact Technologies, which offers convenient payment solutions. Launched in 2015, Ongo offers merchant Acquiring and Prepaid Issuance services. Ongo is a non-bank prepaid payment instrument and offers dedicated open-loop prepaid solutions for consumers across segments.
AGS Transact Technologies serves diverse industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia. As of June 30, 2024, the company has deployed 2,48,834 payment terminals and was one of the largest deployers of PoS terminals at petroleum retail outlets in India, having rolled out 41,777 terminals at various petroleum retail outlets. For more information, please visit www.agsindia.com
Safe Harbour Statement:
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily Predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
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