Bengaluru, August 13, 2024 – AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omnichannel 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 industry-first, wherein unique card dispensers are installed across select Chennai metro stations to facilitate the 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 shortly. 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 commuters with a unified payment solution that seamlessly integrates various transportation modes such as metros, buses & water ferries, as well as parking and toll booths. With the instant issuance of NCMC cards, AGS Transact Technologies aims to bring millions of commuters into the NCMC ecosystem while expanding its growing user base.
Commuters can purchase instant NCMC cards for Rs 100 from these card dispensers in three easy steps: Select Card – Pay via UPI – Collect ready-to-use Ongo NCMC card. Each card comes preloaded with a balance of Rs 50. Commuters can conveniently top up their instant NCMC cards with a maximum fund limit of Rs 3,000 at ticket counters across all Chennai metro stations. Additionally, commuters have the option to upgrade their cards by completing full KYC, enabling them to enjoy all the benefits of an NCMC, including in-store and online payments.
Ongo had previously launched open-loop cobranded RuPay prepaid cards enabled with NCMC for customers of a leading FMCG conglomerate. Additionally, AGS Transact Technologies, in partnership with RBL Bank, is issuing NCMCs for Bangalore Metro Rail Corporation.