Friday, 13 May 2016

Automated Fare Collection System for Seamless Transit Transactions

Convenience factor associated with automated fare collection system, for both agency and riders, acts as the trump card in public transit market.

Recent installations of automated fare collection system for public transit facilities, have been a shot-in-the-arm for converting ridership volumes into financial revenues. Contemporary vendors present exemplary modular, open solutions catering to operational needs and revenue growth objectives.

Various units add up to provide a networked and distributed system, compliant to set industry standards. Transit agencies gain cost-effective assistance that aids transportation device management, handling process data for devices, processing transaction history for fee settlements, placing charges and revenue as per operator allocation, and establishing an interface between functional tiers.

Components of Automated Fare Collection System

Entire complexity of an AFC system is simplified in approach with three segments – central computer system, station computer system, and station equipment. These cover all involved components based on their utility.

Central clearing and settlement house is for multi-operators and service providers. Machines stationed at this end download system parameters, sends over control commands, generate auditable reports, and communicate ticketing data, to and from station computers.

Station computers collectively document usage data, upload AFC system software and parameters on equipment, plus assist back end offices with station reports when necessary.

Users experience the facility of station equipment, such as smart card & ticket vending machines, fare gates, stand-alone validators, terminal retail equipment, customer service terminal & web portal, data exchange systems, and hand-held inspection devices, during their commute.

Growth Drivers in Automated Fare Collection System Market

Volumes of ridership in public commutation services have seen considerable rise with AFC system installations being adopted by government and private transit agencies. Swift transactions and shorter waiting queues, powered by contactless card technology, has attracted greater numbers of passengers. Smart chips and radio frequency identification (RFID) enable easy mutual authentication, access control, and lower risks as well as costs associated with handling cash through transfer of device data.

Agencies are benefitted by affordable and scalable systems, that are flexible enough to be integrated with older installations. Accumulated transaction data in AFC systems are date and time specific over all ranges. Reports then, are easy to generate, add, view, and print through interactive graphical user interfaces. Moreover, operators find structural modification of such systems elementary to their knowledge. High level of built-in security helps secure collected revenue, where access control enables blacklisting of defaulters.

Market and Challenges for AFC System Industry

Vertical growth and development of AFC system industry is necessary with regard to changing consumer needs and technological advancements without eliminating the element of convenience for its customers. The main challenge for present day business offerings is to evolve as per modern payment formats maintaining their proficiency and profit margins. Client base for vendors root from both public and private sector, ranging right from city planners and government organizations to transport operators, who meticulously work to improve their overall efficiency.

A report titled “World Automated Fare Collection System Market - Opportunities and Forecasts, 2015 – 2022” has been recently published by Allied Market Research. The report makes close observations of pipeline structure for end-to-end AFC system market around the world. It makes an in-depth analysis of current trends, drivers, and restraining factors that affect financial ratios relevant to the industry. Company profiles for key vendors in business builds a comprehensive picture of profitable opportunities from stakeholder’s perspective.

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