Axis Bank Ltd.

Axis Bank has entered into an agreement with Kochi Metro Rail (KMRL) for Automated Fare Collection (AFC) system. The bank has been roped in to make necessary investments in hardware and software for sale of tickets besides getting assured annual royalty and a share in the business returns of the partner. The bank has formed a consortium of service providers and will soon start work on installing AFC system.

The bank will install the required complex hardware and software for fare collection from passengers and in addition will pay KMRL Rs 208 crore over the next 10 years besides undertaking the entire maintenance of Automated Fare Collection (AFC) for ten years.

The bank will issue co-branded cards to the users of Kochi Metro for paying the fares as well as using them for all kinds of merchandise including e-commerce. KMRL will also be paid 0.2% of Axis Bank’s gross revenues from the utilization of co-branded pre-paid cards outside Kochi Metro system.