Re: Facts, fundamentals, Hong Kong 35 to 45 HK dollars mill daily 2001--2002. -- ERG

The Octopus System.

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ERG Group designed and implemented a smart card fare collection system in Hong Kong that remains the largest of its kind operating anywhere in the world today processing over 6 million transactions each day. The contract was awarded by Creative Star Limited in 1994. The system known as Octopus" was launched in 1997 with the issuing of the first 250,000 cards. The number of cards in active use has grown to 7.2 million -- 29 times as many! And when you consider that Hong Kong has a population of approximately 6.9 million you begin to appreciate how much the system has become part of every day life. Passengers can travel on ferry, bus, light rail, heavy rail and underground services provided by 30 service operators using their Octopus card. Octopus cards are recognised by readers within 300 milliseconds -- the cards need not even be removed from a person�s wallet or purse! And with 5.5 million public transport rides each day the speed with which passengers can travel through the Octopus System is critical to the system�s success. To celebrate the millennium, watches with the same transit functions as a smart card were produced illustrating the system�s versatility.Traditional ticketing systems involve significant volumes of coins. This requires floats to be maintained anywhere tickets can be purchased.Each day coins are transported by armoured guard to financial institutions where they are counted and banked. Prior to the introduction of the Octopus System 60 tonnes of coins were collected on a daily basis. The cost of collecting and counting this volume of coins was as high as 8% of revenue. Delays of as much as three days would be experienced before each day�s takings were counted and deposited into an operator�s account. Under the Octopus System each day�s takings are reconciled by 6:00am the following day. All operators� computer networks are linked to the Creative Star Clearing House that apportions revenues to the operators and deposits funds into appropriate bank accounts daily. Currently the daily turnover is between HK$35 - $40 million.

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