Parking Wikipedia

A Guide to Cashless Parking2 min read

Nov 29, 2018 2 min

A Guide to Cashless Parking2 min read

Reading Time: 2 minutes

Paying for parking often means fiddling with change and paper tickets. Thanks to smart parking, cashless and ticketless ways of paying for parking are becoming possible. As people around the world embrace cashless transactions, it’s only a matter of time before it becomes a common practice in parking. Read further about cashless parking.

cashless parking

What is cashless parking?

Cashless parking refers to a payments system that doesn’t need physical money for a transaction in parkings. A quick and secure way to pay for parking, digital solutions commonly feature credit/debit card terminals or mobile payment. Thus, it offers an easier and more convenient way for motorists to pay for their spot, potentially eliminating the need to carry cash at all. Motorists can simply use their smartphone to pay instead of having to find the right change when exiting a lot.

How It Works

Cashless parking is often enabled by smart parking apps that run on a smartphone and need a simple registration and logging in by the user. Payment can also be made in advance upon booking a parking space through e-wallets or a debit/credit card. Thus, smart parking apps enable simple, secure and fast payments without the hassle of carrying cash around. Parking apps also send reminder texts so customers know when their parking session is about to end. This means that they can also top-up the session without having to return to the car.

Benefits of Cashless Parking

  • Fast

The basis of cashless parking is the fact that it eliminates the time wasted on looking for the right change to pay for a parking spot. By making it possible for motorists to pay at the tap of a button, it saves them and the parking staff time.

  • Cost-effective

It is a technology-enabled system that leverages smart parking sensors and payment gateways, thus potentially eliminating the need for human intervention, saving labour costs in turn.

  • Convenient

This system helps the driver quickly make payments through an online portal that doesn’t deal in currency but debits the amount directly from the user’s account, making for a convenient system for both motorist and staff.

  • Safe

Payments made through the cashless gateways are secured by encryption and thus as safe as any other online transaction.

Fast, secure and reliable, it saves drivers the trouble of looking for cash each time they park. Consequently, parking operators also save time per transaction. Cashless parking is certainly a look into the future of the rapidly growing parking industry.