India Transact Services: Simplifying the Process of Transaction

India Transact Services: Simplifying the Process of Transaction

 Sunil Khosla, Head Digital Business - Retail, Ravi B. Goyal, Chairman & Managing Director

Sunil Khosla, Head Digital Business - Retail

Ravi B. Goyal, Chairman & Managing Director

From coin to paper-based and from paper-based to the digital payment system, the payment industry has come a long way with the advancement in technology. According to a recent report published by KPMG, the digital payment industry in India is growing at a CAGR of 12.7percent in the number of noncash transactions. Besides, the number of merchants accepting digital payments has increased to over 10 million in a short span of 2-3 years. Cashing-on this opportunity, Mumbai-based India Transact Services Ltd., a wholly-owned subsidiary of AGS Transact Technologies Ltd. is leading the edge in digital payment field while offering cutting-edge technology and innovative payment solutions to a fast-growing merchant base across India.

Registered in the year 2007 and actively entered the digital payments market in the year 2015 India Transact is an Omnichannel merchant digital payment solutions company which was created to consistently simplify the process of transacting, merchant acquisition and value-added services. Since then, the firm has been offering a host of products and services including payment processing platform for routing commercial and retail payments between buyers & sellers across the country via a unique distribution model devised based portfolio.

Under the aegis of Sunil Khosla (Head Digital Business Retail), the company has cemented its hold in the industry as one of the leading financial services and business solution providers that operates as a highly professional partner for digital payment solutions. Talking to CEO Insights, Sunil shares in detail about the company, its offerings, and future plans.

How has been the journey of India Transact in this challenging market so far?
We started withadvanced payment solutions. We introduced the Ongo wallet in the market, which was the very first micro wallet for the
transport sector and micro merchants. In just a short span of six months, our wallet bagged 3.5 lakh consumers and 60,000 taxis, autos and micro merchants. We started offering digital payment solutions in January 2016, and by that time, we had built a well-established infrastructure setup. During the demonetization phase in November 2016, the demand for digital payment solutions rose, and it was the same infrastructure that helped us to cater to the needs of our clients. Since then, we have been surging ahead in the industry, and the biggest forte that we have built in the past few years is customization & integration that we offer to our clients as per their business needs.

The biggest forte that we have built in the past few years is customization & integration that we offer to our clients as per their business needs

The journey although fascinating has been a challenging one too. Owing to occasional regulatory & commercial challenges, we need to be prepared for contingencies. Whenever there is a slight change in any of the compliance or regulation, it is not only the payment system that gets affected, but also the entire backend. Here is where we have to quickly fix all the backend operations, which we have been doing smoothly since the very beginning.

Tell us about your offerings and the service portfolio that you bring to the table.

Driven by our commitment towards digital inclusion, we design custom-curated payments and value-added services for the complete spectrum of retail segments. Our solutions are crafted to simplify the process of transacting and bolstering customer experience. Under the brand name ‘Ongo’, we are offering fully integrated, end-to-end payment solutions to our clients. We offer POS solutions such as Android-based Ongo business POS, GPRS solution Ongo Smart POS and the compact & lightweight Ongo mPOS. We also provide device-less payment solutions such as Ongo Remote++, Ongo ePay (Payment Gateway) and Ongo QR++. Apart from that, we offer loyalty solutions named Ongo Prepaid++ and Ongo Rewards++. This solution empowers merchants to run their own Loyalty Programs. We also offer Ongo
Billing++, a billing software for merchantsthat includes billing, inventory, and every thing else in one software. Besides, we also provide a platform to our merchants to avail working capital loans through Ongo Credit, thus enabling financial inclusion.

Tell us about yourself, your team of experts, and your professional experiences & expertise in the industry.
We have a very healthy mix of people who are from diverse backgrounds.We have few veterans from the industry but we are banking on a lot of youngsters, especially from the marketing & channel practices perspective.

Talking about myself, I have 20+ years of experience in various industries. Most of it was in FMCG sales & distribution, marketing, channel innovation, strategy, and it’s been the last five years that I have been into the payments domain. The FMCG experience helped me in implementing the distribution and marketing insights in the payment segment. The India Transact team is built of people from varied industries such as FMCG, media & entertainment or telecom who are masters in distribution. These people clubbed with several other talented team members from payments, banks, fintech sectors and tech savvy millennials make it a lethal combination.

What is the future roadmap set for your company?
Currently we are a team of 500+professionals. By the next year, we aim to be a team of around 700 members, all the while maintaining our lean nature. The new joiners will be a mixture of specialists and multitaskers. We are also looking to introduce a few innovative as well as groundbreaking products in the coming year. In terms of revenue growth, the company has maintained a steady growth so far and hopes to maintain this for a better prospect.

Sunil Khosla, Head Digital Business – Retail
A multi dimensional, revolutionising leader with a pragmatic approach & a keen appetite for challenging opportunities, Sunil is renowned for his best work in market strategies channel development, trade marketing innovations and more.

Office: Mumbai

Offerings:Payment solutions, Value-added services, Loyalty solutions, Applications

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