Lotte Mulsan, Korea Expressway Corporation, and Lotte Innovate Sign MOU
Introducing Hi-Pass Automatic Payment System in First Half of Next Year
"Exit Time Reduced by Up to 16 Minutes per Day"
Automatic parking fee payment via Hi-Pass will become available at Lotte World Tower and Mall.
On the 28th, Lotte Property & Development announced on the 29th that it signed a Memorandum of Understanding (MOU) with Korea Expressway Corporation and Lotte Innovate to establish a Hi-Pass payment system for the parking lot at Lotte World Tower and Mall.
On the 28th, Choi Young, Head of AM Division at Lotte Property & Development (center), Ok Byung-seok, Head of Sales Division at Korea Expressway Corporation (left), and Jung In-tae, Head of nDx Business Division at Lotte Innovate (right) are posing for a commemorative photo after signing a business contract at Lotte World Tower. Provided by Lotte Property & Development
Hi-Pass parking is a service where the parking fee is automatically paid when a vehicle equipped with a terminal exits the parking lot. It is installed not only at highway toll gates but also at 32 parking lots across 12 institutions, including Incheon International Airport and public parking lots at city and county levels nationwide. According to data from Korea Expressway Corporation in December last year, the Hi-Pass adoption rate reaches 98%, allowing vehicles to enter and exit without stopping by using pre-registered prepaid or postpaid cards, providing convenience.
This agreement was promoted to reduce exit times within Lotte World Tower and Mall, enhancing customer convenience while realizing a "wallet-free parking lot." Lotte Property & Development is introducing Hi-Pass for the first time in a large-scale parking lot within a complex shopping mall.
The parking lot at Lotte World Tower and Mall covers a total floor area of 44,996 pyeong and can accommodate 2,969 vehicles. As of last year, more than 3 million vehicles visited the parking lot. It is explained that applying the Hi-Pass non-stop exit system can reduce exit time by up to 6 seconds per vehicle during peak hours (3 PM to 10 PM). When converted to a daily basis, this can reduce exit time by up to 16 minutes per day. Additionally, a reduction in engine idling is expected to contribute to greenhouse gas reduction.
Through this MOU, Korea Expressway Corporation will provide Hi-Pass technology. Lotte Innovate will handle software development and system maintenance, while Lotte Property & Development will be responsible for infrastructure construction and customer service. With the cooperation of the three companies, Hi-Pass payment services will be available at the Lotte World Tower and Mall parking lot starting from the first half of 2025, with plans for future expansion.
Choi Young, Head of AM Division at Lotte Property & Development, said, "Hi-Pass, which allows exit without prepayment or card settlement, will greatly improve the convenience of using the parking lot," adding, "We will continue to do our best to make Lotte World Tower and Mall more convenient."
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