Expansion of Smart Mobility Payment Solutions with Pilot of 'Ongo Ride' Instant NCMC Solution in Mumbai

AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omni-channel payment solutions in India, today announced that it will commence pilot of 'Ongo Ride', its innovative instant National Common Mobility Card (NCMC) solution in Mumbai. These cards can be used on city's NCMC enabled buses and metro rail network. Through Ongo Ride, the company aims to offer a faster and more convenient travel experience to commuters.

This pilot follows the successful implementation of the NCMC solution at Chennai Metro and underscores AGS Transact Technologies' commitment to expanding smart mobility solutions across India. Mumbai, known for its fast-paced lifestyle, sees millions of daily commuters on its BEST buses and metro lines including about 3.5million daily commuters on BEST buses alone, making it an ideal market for unified payment solutions like Ongo Ride.

Ongo Ride is a zero-KYC National Common Mobility Card (NCMC) compliant with RBI's updated guidelines, which promises a more efficient commuting experience. It 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, across India.

Ongo is the digital payments platform and a PPI from the house of AGS Transact Technologies Limited. The company has issued total ~60,000 NCMCs at Bangalore Metro and Chennai Metro.

Shares of AGS Transact Technologies Ltd was last trading in BSE at Rs. 79.09 as compared to the previous close of Rs. 77.25. The total number of shares traded during the day was 90789 in over 1008 trades.

The stock hit an intraday high of Rs. 79.51 and intraday low of 75.34. The net turnover during the day was Rs. 7035089.00.

Source : Equity Bulls

Keywords

AGSTransactTechnologies PilotLaunch OngoRide NCMCSolution Mumbai