(Hong Kong, PRC and Singapore, 3 April 2014) PAX Global Technology Limited (“PAX” or the “Company”, together with its subsidiaries collectively known as the “Group”; HKSE stock code: 00327.HK), the leading Electronic Funds Transfer at Point of Sale (“EFT-POS”)
Terminal Solutions Provider in China, is pleased to announce its strategic alliance with AGS Transact Technologies Ltd (“AGS TTL”), a leading Indian ATM outsourcing and Payment Services Company, to provide EFT-POS terminals and electronic point of transaction
technology in India.
The objective of this alliance is to encourage a shift from paper-based transactions to more secure electronic payment modes in both urban and rural markets of India. The alliance will allow both companies to drive new growth opportunities in the Indian
market and help attain the position of the largest transaction accumulator and acquirer in India.
As per “Payment Systems in India: Vision 2012-2015”, a report by the Reserve Bank of India, an analysis of the payment system landscape in India reveals that while the growth of electronic payments including RTGS transactions has been impressive, the benefits of
modern electronic payment systems are yet to reach all sections of the society and be accepted across the length and breadth of the country.
Commenting on the tie-up Mr. Satish Zope, Executive Vice President at AGS TTL said, “We take immense pride in forging this alliance with PAX which is in sync with the AGS payments strategy of expanding its point of transaction presence across India.
Mr. Mark O’ Flynn, Sales Director and Latha Priyadarshini, Country Head - India added: “Through this partnership, both companies are now well placed to leverage on each other’s strengths and corner a significant market share of the Indian payments market”.
Mr. Daniel Poon, President for the Asia Pacific Region at PAX, concluded: “By combining PAX’s expertise in designing and manufacturing innovative traditional and mobile point of sale devices, and AGS’s automated service infrastructure, transaction switching and
processing capability, this alliance marks the beginning of making available a host of exciting payments services on the fingertips of the Indian consumer”.
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About AGS TTL www.agsttl.com
AGS Transact Technologies Ltd. offers technology-based solutions for banking, retail, paint and petroleum sectors. Equipped with extensive experience in banking technology, AGS TTL provides a complete suite of self-service banking products. The company is a dominant
provider of ATM outsourcing services to the Indian banking industry. Since its inception AGS TTL has installed over 30,000 ATMs for various customers. The customers in the banking segment amongst others include ICICI Bank, HDFC Bank, State Bank of India, Punjab
National Bank, Union Bank of India, Axis Bank, Dhanlaxmi Bank, and Dena Bank.
About PAX Global Technology Limited www.paxglobal.com.hk
PAX Global Technology Limited (Stock Code: 00327.HK) is an electronic funds transfer point-of-sale (EFT-POS) terminal solution services provider. PAX is principally engaged in the development and sale of EFT-POS terminal products and provision of solution services.
PAX Global was listed on the main board of The Stock Exchange of Hong Kong Limited on 20 December 2010. The Group currently collaborates with over 80 partners worldwide on EFT-POS solutions.
The Company is a leading EFT-POS terminal solutions provider in China. According to The Nilson Report Oct 2013 Issue, the world’s leading source of news and research on consumer payment systems, PAX Global ranked #4 globally by shipping volume of EFT-POS terminals in 2012. Sales of our EFT-POS products reached over 5 million units and are sold to more than 80 countries and regions, including the US, Singapore, Taiwan, Brazil, India, Japan, South Korea, New Zealand, EMEA and Middle Asia.