ComfortDelGro Taxis Introduces Contactless Card Payment System According to BAC Report

19 Aug 2011 • by Natalie Aster
ComfortDelGro Taxis Introduces Contactless Card Payment System According to BAC Report

LONDON - New contactless payment system introduced by ComfortDelGro’s 15,600 taxis is going to make in-cab credit card payments much easier.

This new tap payment system gives passengers an option of tapping their “contactless” credit cards or smart cards with no need to slide it. This means that the card never has to leave the passenger’s hands.

The new system also accepts credit cards, charge card and ATM card payments. In July, it started accepting ez-link and EPins payments. Contactless system will replace all existing cashless payment systems in all ComfortDelGro taxis by the end of 2011. The innovation will cost SGD 5 million.

Cashless payments in taxis were first introduced by ComfortDelGro in 1995, and now they are very popular amongst clients. In 2010, ComfortDelGro registered a total of 10.7 million cashless transactions, close to 20% more than the previous year.

Company’s financial performance is steady. ComfortDelGro Corporation’s second quarter revenue increased by $53.7 million or 6.8% to $843.0 million compared to the same period last year. Growth was broad based with practically all business segments achieving higher revenue.

Group operating expenses of $740.0m for 2Q11 were $50.0m or 7.2% higher than that for 2Q10. Mainly the increase was due to growth in materials and consumables, staff costs, fuel and electricity costs. Another reason is payments to drivers for contract services in tandem with the increase in cashless transactions in the Taxi Business.  Depreciation with new taxis and buses, road taxes from an increase in fleet, offset by decreases in taxi drivers benefits, vehicle leasing charges and advertising production costs also played a role.

Full-year revenue increased by 5.1% to a record S$3.21 billion on the back of broad-based segmental growth. The operating profit for the year ended 31 December 2010 was 11.2% higher at S$388.4 million.

Incorporated in 2003 and headquartered in Singapore, ComfortDelGro now is one of the largest global players in Railroads and Trucking Services Industry, with fleet of 46000 vehicles. It operates in 11 segments: Bus, Rail, Taxi, Car dealership, Car rental & leasing, Motorsport, Outdoor (Ads), Insurance broking, Driving school, Vehicle inspection, Automotive engineering. The Group runs operations in seven countries: China, Vietnam, United Kingdom, Ireland, Malaysia, Australia and Singapore.

More details on the company’s description, its SWOT analysis and experts’ forecasts can be found in the report “ComfortDelGro Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis” recently published by Market Publishers Ltd.

Report Details:

Title: ComfortDelGro Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Aug, 2011
Pages: 100

A full overview of the overall Singapore Railroads and Trucking Services Industry and competitors analysis can be found in the report “Singapore Railroads and Trucking Services Industry Comparative Analysis and Companies Ranking

More company reports featuring SWOT and financial information, industry and competitors analysis can be found in Company Reports Catalog.

 

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