Kochi-1 the prepaid card for Kochi Metro will also be launched tomorrow
Words: Vandana Devi Images: Various Sources
Kochi-1 is the prepaid card for Kochi Metro commuters and amidst the excitement of the inauguration of Kochi Metro, the smart card will also be launched. In a tie-up with Axis Bank, Kochi-1 will be the first open loop card system based on Europay, MasterCard and Visa introduced in a metro system. The Union Urban Development Minister Venkiah Naidu will release the card and Pinarayi Vijayan will launch the app.
The card is similar to a debit card and can initially be used exclusively for the Metro. Soon you will also be ale to use it for other commercial transactions as well, just like a regular debit card. It can be purchased from Metro stations by providing a few details. Transactions upto Rs. 10,000 can be carried out every month using the card. This can be extended to Rs. 1 lakh per month, if they submit their ID proofs. They will opening up kiosks at select locations to popularise the card. The option of being used for commuting in buses and ferries will also be added later on.
KMRL entered into the pact with Axis Bank in 2015 and the bank will be bearing the entire expense of the Automated Fare Collection (AFC) system. They will also be paying Rs. 209 crore as royalty to KMRL for the decade as they will be getting thousands of new customers in return. KMRL will also get 0.20% of Axis Bank’s revenue from utilisation of the Kochi-1 card for non-commuting purposes.