“Digital payment/fintech industry is at an advantage since it can incorporate best practices from both financial services and technology sectors.”-Mr. Sunil Khosla, Head Digital Business, India Transact Services Limited (ITSL)

Mr. Sunil Khosla, Head Digital Business, India Transact Services Limited (ITSL)

IT Voice:-Share details about the company / it’s inception – India Transact Services?

Mr Sunil Khosla:-India Transact Services Limited is an omni-channel merchant payment solutions company, with an aim to simplify the process of transacting and merchant acquisition, in addition to providing other value added services. Our team consists of highly passionate individuals who consistently strive towards providing our customers with innovative and best-in-class payment solutions through our products and services.

Headquartered in Mumbai, we are a wholly owned subsidiary of AGS Transact Technologies Ltd., India’s leading end-to-end payment solutions provider with core operations in Banking Automation Services, Banking Payment Solutions and other Automation Solutions.

Through our brand ‘Ongo’, we are focused towards creating an alternate payments ecosystem. As of October 31, 2019 we have approximately 1,41,000 merchant PoS terminals and processed 283.04 million merchant transactions with Gross Transaction Value of INR 203.16 billion.

Our best-in-class Ongo POS machines extend support to the Digital India initiative enabling merchants all over India to accept digital payments with enhanced security features.

Our portfolio includes:

  • Device based solutions

  • Device less solutions

  • Loyalty program

  • Value Added Services

IT Voice:-What is your mission and vision for 2020?

Mr Sunil Khosla:-Our Vision

Digitally Enabling & Simplifying Lives by creating a complete Payment Ecosystem

Our Mission

To be a full spectrum Merchant Services company via:

  • Technology-enabled Innovative value added solutions in:

  • Payments

  • Loyalty

  • Revenue Generation

  • Financial Inclusion through disruptive Distribution Models

  • Catering to all Consumer Transaction Needs

IT Voice:-How mPOS Terminal Market will benefit SME’s in the years to come?

Mr Sunil Khosla:-

    • Smart integrated terminals will solve all digital needs of an MSME

    • 1 Terminal good enough to accept all forms of payments

    • VAS enabled terminals will also give him opportunity to earn more ( Example – BBPS)

    • mPOS based transactions can enable them to get working capital loan

    • mPOS led loyalty prog can help them grow their business

IT Voice:-Payment Gateway: Culture of start-ups in digital payment/fintech space 

Mr Sunil Khosla:-The relationship between fintech players is more collaborative than competitive. Fintech companies often work together towards the larger goal of financial inclusion by facilitating technology access and offering convenience while reducing overall cost of delivery of services.

We live in an era of Open Banking and Application Programming Interface (API) which has made it possible for forerunners in the digital payments industry to provide more valuable, consumer focused experience. In today’s world, an increased level of collaboration between banks, merchants and digital payment providers is possible. Innovative use cases and new profit pools will open up as the players in this ecosystem collaborate with each other.With increased focus on data analytics and customer insights that are data driven, fintech companies collaborate to deliver solutions through an open architecture framework.

Digital payment/fintech industry is at an advantage since it can incorporate best practices from both financial services and technology sectors. Characterized by dynamism, fintech companies offer remarkable rewards to employees and special perks in the form of work-life integration, rewarding risk-taking abilities and promoting innovative thinking. Emphasis on engagement with people is high since good customer relationships foster better business outcomes.

IT Voice:-How Artificial Intelligence will revolutionize Mobile Payments in India? 

Mr Sunil Khosla:a.    Relevant cross selling opportunities

  1. Marketing opportunities based on customer behaviour trackers

  2. Enabling fraud detection & handling tonnes of data

  3. Enhancing customer experience & issue resolution – Chatbots

IT Voice:-What were the key achievements of India Transact Services in Year 2018-19?

Mr Sunil Khosla:-No. of Terminals Deployed till Date:- 1.41 Lacs (Cumulative Growth – 187% in 2017-18, 97% in 2018-19 & 20% in 2019-20 till Oct’19)

No. of Transactions till Oct’19 – 2830.4 Lacs Cumulative, 512.4 Lacs FTY & 72.01 Lacs in Oct’19.

GMV till Oct’19 – Rs.20,316.3Crs. Cumm, Rs.8733.7 Crs. FTY,  Rs.1151.5  FTM Oct’19 & Highest reached  Rs.1307.6 Crs. in Aug’19

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