Three Big State-owned Banks Enlisted to Aid China’s Electronic Toll Collection System
Three of China’s big state-owned banks are working with the country’s transport authority to advance use of its electronic toll collection (ETC) system.
On 28 June China’s Ministry of Transportation (MoT) announced that starting from this year the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC) and China Construction Bank (CCB) will be working with the ETC issuance support platform run by the ministry’s Road Network Centre.
According to MoT the move will provide “one-stop” online ETC services to the public, enabling them to apply online for vehicle-mounted electronic labelling devices that will delivered to their door, as well as enjoy a suite of discount services provided by banks.
In order to drive ETC usage in China MoT also hopes to work with other leading Chinese banks, including Bank of China, Bank of Communications and the Postal Savings Bank of China, as well as China Merchants Bank and Huaxia Bank.
MoT said that it hoped cooperation with banks would help to drive new ETC users to over 100 million by the end of the year, as well as the vehicle ETC installation rate to above 80% and the ETC usage rate on general freeways to over 90%.