What is digital parking and what are its benefits?

1. What is digital parking and what are its benefits? With each passing day, we are moving towards a cashless society, where all kinds of payments are made digitally. Today making digital payments for all our daily tasks has become the new normal and in coming years we might totally depend on it thus eradicating cash payments.

3. Rise of digital parking As of now, the digital parking has rendered positive results by improving quality of life for many several residents. Even stats are in favour of digital parking. In the UK, only a minor portion of 16% of drivers prefer payments by cash, whereas, the remaining portion prefer making parking payments via contactless methods, website, app, or by card. These stats almost reverse when the age group is of 50-64 or 65+. These stats also vary depending upon the household income. As the city authorities take crucial steps to achieve their smart city vision, it’s also transforming various traditional infrastructures including that of traditional parking. In many cities, traditional parking is now being evolved into digital parking as universities, city garages, shopping malls, and airports already embracing this technology.

4. What is a digital parking payment solution? A cashless parking payment solution is a payment system that doesn’t require any physical money for making transactions pertaining to parking. It’s a quick and foolproof way to make mobile money payments for parking. Digital parking involves payments via credit card, debit card, and e-wallet. This makes digital parking easier and convenient for users where they can make payments on the spot without the hassles of keeping cash.

5. How does it work? Digital parking is generally enabled by smart parking mobile applications where a user has to complete a registration process. In this registration process, the user also registers his vehicle. Once the vehicle is registered, the user can search for all the nearby parking garages. After selecting the parking garage, the user can set select the parking duration and then start the payment process. The user can make payments via various modes like debit/credit cards, e-wallets, NFC, RFID, and by scanning qr-code. The user receives a payment confirmation notification once the payment is completed. Moreover, the user also is also reminded when his parking session is about to complete. The user can then top-up their session for parking directly from their smartphone without returning to the car.

6. Benefits of digital parking Parking space optimization Reduced traffic Reduced pollution Boost brand image Real-time trend and data insights Increased safety Fast Cost-effective Convenience Secure payments Enhances user experience Explore and boost revenue streams

7. Conclusion Digital parking payment solutions have made their mark and it is here to stay for a long time. As of now, the young generation seems to enjoy this latest way of making parking payments. But in future, this might become the norm. This means that there lies a massive opportunity for both parking space owners and parking solution providers. If both of them play their cards well, they might end up with a sustainable enterprise that would generate a mammoth amount of profit.

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