It is predicted that Sweden will become the world’s first cashless society, and half of Swedish retailers are expected to stop accepting cash by 2025. UK Finance recently reported that almost seven out of ten people in the UK are using contactless payments, although debit cards remain the most frequent method of payment, making up 38% of all UK transactions in 2018. Almost half the world’s digital payments in 2017 were made in China, where consumers can pay for a wide variety of purchases through their smartphones using apps or QR codes.
However, these statistics hide a more complex picture, where factors including age and income impact the adoption of cashless payments.
Parkopedia’s Driver Research 2019 showed that, when it comes to parking charges there are significant differences across age, income and on a country by country basis:
Sweden’s central bank has told all Swedish banks that they must continue offering cash services to ensure that those who don’t own a credit card, have difficulty using smartphones or computers for banking and payments, or where there is a lack of broadband and mobile connectivity, are not left out of the economy.
Similarly, Parkopedia’s research demonstrates that, above all, customers want a choice of payment methods for parking. Whilst many parking operators are still reliant on cash as the primary method of payment, a growing number are adopting technology which not only allows for digital payments, but also reservations and likely availability predictions through services such as Parkopedia.
Parkopedia solves the time-consuming and expensive task of integrating a large variety of payment types and parking providers, by aggregating different solutions into one single payment platform. We offer three types of transactions, covering off-street reservations, on demand payments for supported on-street or off-street locations, and frictionless access and pay for off-street.
Paul leads the Technology Division at Parkopedia, working with our clients to build products that serve their requirements while also managing the day to day technology operations for the business.