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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