Virtual Galaxy Infotech Enters Agreement for Mobile Wallet and QR Payment Solution Development
Virtual Galaxy Infotech Limited (VGI) has signed a major international contract for the design, development, customization, implementation, and maintenance of a Mobile Wallet and QR Payment solution. The agreement was reached with Entire Office Systems Private Limited (EOS), based in Zimbabwe.The contract involves developing a comprehensive payment solution that VGI will integrate with banks operating in Zimbabwe. This integration is subject to EOS securing necessary memberships, approvals, and settlement arrangements from the Reserve Bank of Zimbabwe (RBZ), ZimSwitch, or other relevant payment systems.
Agreement Details
The agreement between VGI and EOS outlines several key terms concerning the scope, duration, and value of the project. The contract was identified as an international entity transaction.Key details regarding the venture are summarized below:
| Parameter | Detail |
|---|---|
| Counterparty | Entire Office Systems Private Limited (EOS), Zimbabwe |
| Transaction Nature | Design, development, customization, implementation, and maintenance of Mobile Wallet & QR Payment Solution. |
| Contract Term | A minimum fixed Initial Term of three years. The agreement is open to renewal thereafter on mutually agreed terms. |
| Contract Value | Aggregate contract value of approximately USD 550,000. |
| Consideration Breakdown | This amount comprises both a one-time implementation fee and the annual recurring platform fee for the three years, exclusive of applicable taxes. |
Transaction Scope and Terms
The agreement focuses on providing a state-of-the-art Mobile Wallet and QR Payment Solution. The contract value represents the total compensation over the initial three-year period.A summary of the significant terms and conditions is provided in the table above. Notably, VGI confirmed that the transaction does not involve any interest held by its promoter or promoter group companies in EOS, nor would it fall under related party transactions.
VGINFOTECH Stock Price Movement
As of 11:33 AM, Virtual Galaxy Infotech Limited slips by 0.54%, with shares currently trading at ₹155.35 as they move in live market. The stock is trading within a range spanning from the intraday low of ₹151.75 to a high of ₹158.90, amidst significant daily activity involving 68,000 shares traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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