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Lots of Spaces in the Parking Market Remain for Electronic Payments

Digital Transactions

Parking is usually a sedate activity, unless you’re competing with another driver for a rare open spot on a busy downtown street or that space closest to the grocery store’s entryway. But parking as a new market for electronic payments is a different story, with intense activity by everyone from mobile-app developers to automakers and sports and event venues.

Less than 2% of parking payments today are made through apps, according to Yona Shtern, executive chairman and chief executive of Chicago-based Arrive Inc., who cited numbers from one of the industry’s major trade associations. Arrive, developer of the ParkWhiz and BestParking apps for mobile phones, pegs the U.S. parking market at $35 billion in annual bookings, and $100 billion worldwide.