LOADING

Type to search

Ongo Introduces ATM Cash Withdrawals for Corporate Users

BFSI

Ongo Introduces ATM Cash Withdrawals for Corporate Users

Share

Ongo, the digital payments platform of AGS Transact Technologies (BSE: 543451 & NSE: AGSTRA), one of the largest integrated omni-channel payment solutions providers in India, today announced the launch of ATM cash withdrawals facility on its prepaid payment instrument (PPI) platform. Ongo will provide versatility and seamless accessibility to funds across all 2.6lakh+ ATMs on NPCI network through cash withdrawals. Ongo prepaid cards are open-loop RuPay cards designed to offer enhanced convenience to cardholders. Through this initiative, Ongo aims to enrich the reimbursement experience of corporate users. The Company will earn revenue in the form of service fee for this facility.

Ongo PPI users can enjoy instant access to funds in their Ongo wallet, both digitally and at ATMs, ensuring a streamlined and secure transaction experience. In India, where many professionals maintain secondary bank accounts to safeguard their primary bank account details from potential frauds during small value transactions, Ongo Prepaid cards offer a compelling solution. It eliminates the need to expose any bank account information during transactions and funds are deducted directly from the Ongo prepaid wallet.

Vinayak Goyal, Managing Director, India Transact Services Limited (Ongo) and Executive Director, AGS Transact Technologies Limited, “At Ongo, we recognise the pulse of modern India, and therefore the need to offer a blend of digital and cash payment options. We’re thrilled to introduce the ATM cash withdrawal feature for our Ongo PPI users, adding a new dimension of convenience. This will simplify financial transactions by seamlessly integrating digital and cash transactions. We’re confident that Ongo PPI’s unique value proposition, along with the convenience to make easy payments across retail, fuel, and transit sectors and now ATM withdrawals, will strike a chord with modern-day corporate employees.”

Ongo users with full KYC can load up to INR 2,00,000 in their Ongo Prepaid Payment Instrument (PPI), of which Rs 50,000 can be cash-based top-ups. Further, Cash withdrawals at ATMs are capped at INR 2,000 per transaction, and up to INR 10,000 in a month, as specified in the RBI guidelines for non-bank PPIs.

Ongo is a non-bank Prepaid Payment Instrument (PPI). Recently, Ongo launched open-loop cobranded Rupay prepaid cards enabled with NCMC for customers of a leading conglomerate. Also, it is pilot testing open-loop contactless fuelling solution for a leading OMC on the Ongo app, available on iOS and Playstore.

Tags:

Leave a Comment

Your email address will not be published. Required fields are marked *