AGS Transact to Manage IOCL’s XtraPower Prepaid Card Platform

On September 12, 2024, AGS Transact Technologies Limited announced the launch of its Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management initiative by Indian Oil Corporation Limited (IOCL).

This program, which is accepted at over 25,000 IOCL fuel retail outlets across India, processes fueling transactions exceeding ₹60,000 crore annually. AGS Transact Technologies will earn a fixed fee, projecting an estimated revenue of around ₹58 crore over the next 5 years.

The company’s comprehensive services include the development and hosting of the application, IT infrastructure provisioning, application maintenance, change management, and backend operations. Additionally, AGS Transact will implement a Security Operations Center (SOC) and a Security Information and Event Management (SIEM) system to bolster cybersecurity and enhance threat detection. The company will also handle card issuance for the XtraPower program, ensuring a robust and secure management system for IndianOil’s initiative.

Commenting on the partnership, the Executive Director (Retail Transformation) of Indian Oil Corporation Limited, Mr N.D. Mathur, said, “The ‘XtraPower’ fuel and fleet management program exemplifies IndianOil’s dedication to providing cutting-edge, customer-centric solutions. Through our collaboration with AGS Transact Technologies, we aim to elevate the digital experience, implementing significant enhancements in fleet management across India.” 

He further added, “We are confident that this partnership will ensure greater efficiency and security in every transaction, offering substantial value and convenience to fleet operators who rely on IndianOil for their fuel management needs.”

The Chairman and MD of AGS Transact Technologies, Mr Ravi B. Goyal, said, “We are delighted to partner with IndianOil on their flagship ‘XtraPower’ fuel & fleet management program. At AGS Transact, we are dedicated to transforming the mobility ecosystem in India. By offering a comprehensive prepaid card platform and management services, we aim to drive the modernisation of fleet management solutions across the country. This collaboration reinforces our commitment to delivering innovative, secure payment solutions that empower businesses to operate more efficiently and with greater ease.”

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