Sunday, April 19, 2015

10 Benefits of Axis Bank Kochi Metro AFC deal

    
          AFC stands for Automated Fare Collection. AFC’s in India are very familiar to commuters in various Metro’s across our country.

          The main aim of AFC is to convert the physical payments to electronic payments. Commuters prefer a payment mode which has the following attributes:

01) Ease of use.
02)         Safety of the transaction
03)         Speed of the transaction.

In the normal scenario the cost of AFCs are borne by the respective Metro Corporations.  The maintenance of the AFC System is also budgeted under the annual metro corporation finance outlay.

     Kochi Metro has undertaken a new approach for its AFC system.

     Under this system the tender winning consortium undertakes to set up the AFC System and also maintain it. 

Of course, there would be corresponding benefits to the winning consortium too..
Something that promotes or enhances well-being; an advantage

           10 Benefits of Axis Bank Kochi Metro AFC deal

01) India first ‘open loop’, smart card under India’s Ministry of Urban Development’s Common Mobility Card Project.

02)                  This is the first of its type eTransactions model in any Metro Rail system across the world.

03)                  The feel good feeling for this project has already started in the social media.

04)                  The same model can be adapted to the other various Metro Systems in and around Asia.

05)                  The winning Bank can look forward to sizeable float balances in the respective saving bank accounts.

06)                  Pioneer Safe eTransactions to the local population.

07)                  Introduce a new platform for the local commercial establishments.

08)                  Boost visibility across various platforms for the bank as well as the respective metro.

09)                  Introduce new revenue streams for the respective metro and associated commercial establishments.


10)  Lead to new innovative models to reduce the funding cost for public transport projects.

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