April 17, 2015 2:35 PM

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Kochi Metro, Axis Bank ink deal for automatic fare collection system

Kochi Metro Rail Limited, KMRL will introduce special debit card along with the Automated Fare Collection, AFC System of the proposed Kochi Metro. According to KMRL, the major deal for introducing world class AFC along with Kochi Metro was concluded and an amount of Rs. 209 crores will be earned by KMRL as royalty from Axis Bank for introducing this system. As per the deal, the bank will be responsible for commissioning and maintaining AFC system in all metro stations. KMRL authorities pointed out that this system is expected to change the global funding methods of AFCs for Metros. An electronic card will be introduced for fare collection in the Metro. This card will function as the entry ticket for Metro and at the same time, it could be used as a debit card for shopping and online purchases. As this card may be linked with any bank, the users are free to use it without opening any new bank account. The KMRL will also get 20 per cent of the revenue from the use of this debit card on shops.

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