Vinayak R Goyal Named MD of India Transact Services Ltd by AGS Transact

Bengaluru, June 21, 2024 – AGS Transact Technologies Limited, one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients, announces the appointment of Vinayak R Goyal as the Managing Director of its wholly owned subsidiary India Transact Services Limited (ITSL), which offers digital payment solutions. Vinayak previously served as Non-Executive and Non-Independent Director at ITSL, from June 9, 2021 up to June 16, 2024.

Vinayak R Goyal_Managing Director_India Transact Services Limited

Vinayak R Goyal has been an Executive Director on the board of AGS Transact Technologies Limited since 2021. He has been instrumental in developing the growth roadmap for the company’s digital payment business, focusing on driving the Issuance business with initiatives such as Ongo open-loop prepaid cards. Under his guidance, the company is currently pilot testing the integration of artificial intelligence (AI) into the Ongo app, enhancing its capabilities for seamless transactions. Additionally, Vinayak is overseeing the development of a contactless open-loop fuel payment solution within the Ongo app. Furthermore, under his leadership, the Company has made significant headway through strategic collaborations in its Prepaid business.

Commenting on the appointment, Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited said, “Vinayak’s appointment reinforces our commitment to strengthening our leadership team and driving sustained growth in the rapidly evolving digital payment landscape. As a representative of the new generation, Vinayak brings a unique viewpoint and innovative approach to our digital payment strategy. I am confident that his leadership will be pivotal as we continue to expand our digital payment solutions and enhance our offerings to better serve our customers.”

Mr. Vinayak R Goyal, MD, India Transact Services Limited, said, “Stepping into this role, I’m humbled to lead our digital payments business forward into a new era of innovation and growth. Together with our exceptional team, we’re dedicated to shaping the future of digital transactions, focused on delivering seamless experiences for customers across the sectors.”

Vinayak R Goyal brings a total work experience of over 9 years across areas such as Business Strategy, Investment Banking, and Fund Raising. He has previously worked with Avendus Capital Private Limited as an Analyst. He holds a degree from Purdue University, USA.