Mumbai, August 12, 2024 – AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omni-channel payment solutions in India, today announced that its digital payment platform and a non-bank PPI ‘Ongo’ will commence issuance of instant National Common Mobility Cards (NCMC) to provide an enhanced commuting experience at Chennai Metro Rail Corporation (CMRL). These cards do not require full KYC, as per the updated RBI guidelines, for making transit payments, promising a more efficient commuting experience.
Ongo’s instant card issuance process is an industry-first, wherein unique card dispensers are installed across select Chennai metro stations to facilitate instant issuance of these ready-to-use NCMC cards. This streamlined process offers a quicker onboarding experience, encouraging the rapid adoption of NCMCs across India. The Company will earn revenue through issuance fee, interchange fee on each transaction, and float income. Furthermore, the company plans to extend the issuance of these ready-to-use NCMC cards to additional metro stations in Chennai and other cities in due course. This aligns with AGS Transact Technologies’ strategic business growth outlook, to expand its digital payments business and strengthen its card issuance business.
The daily ridership across metro systems in India is about 10 million and it is expected to reach about 12.5 million in near future. Chennai Metro, which is one of the 12 NCMC enabled metro systems in the country, achieved a peak monthly ridership of over 95 lakhs and more than 35 lakh closed-loop metro card users in July 2024. National Common Mobility Card (NCMC) provides commuter a unified payment solution that seamlessly integrates various transportation modes such as metros, buses & water ferries, as well as at parking and toll booths. With the instant issuance of NCMC cards, AGS Transact Technologies aims to bring millions of commuters under the NCMC ecosystem while expanding its growing user base.
