Trends & Stats on MCC 7523
TSG’s snapshot series focuses on providing quick hits on specific verticals. Each month we feature trends and statistics that can help support your vertical strategy, from demographic benchmarks and ISV examples to key survey findings and first-hand experiences.
This month we dive into the Parking vertical (MCC 7523). This market relies on recurring billing, so seamless account updater support is crucial. Parking payments are becoming automated through AI-powered license plate recognition technology, QR codes, apps, self-service kiosks, and dynamic pricing based on demand.
In past research, TSG identified over 100 parking-focused ISVs. Additionally, the National Parking Association reports that technology will be the number one growth factor for the parking industry next year. Clearly, advancements in technology and payments are reducing friction in this space.
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