In 1920s the first parking meter got introduced, a purely mechanical device that charged a dime an hour. The parking meter was made in thought of collecting money for parking spot usage. In today’s world, where parking turned smart, there comes the transformation of parking meters into smart meters which regulates cashless transactions via chips, e-wallets, and SMS payment modes. Smart parking systems play a vital role in delivering smart parking experience with cashless transactions. It has turned into a simple pay station by managing parking tickets and subscriptions and grant a wide variety of payment modes.
When a vehicle is entered into a parking lot, their account data such as license information is being taken by the meter. The commuters get time to allocate the time needed for parking till the tariff structure is displayed. The commuter can get notified before the expiry of appointed parking time so that they don’t avail the risk of penalty or fine. They are allowed to do the payment transactions via different modes i.e. debit or credit cards or by using smartphones before leaving the parking lot. With the facility of such smart tech parking meters, parking operators can feel satisfied with a smooth parking and payment experience along with the customers including the realisation of increased efficiencies and minimum revenue losses.
For the processes and analysing parking data, smart meter communicates with the central parking platform in a continuous manner. Some of the key benefits of smart parking meters are as below:-
- Tracking parking spots
- Correct parking fee
- Multiple payment modes
- Parking Management
- Improved implementation of rules
The smart parking meter market is foreseen to register high growth in the next few years according to the market study released by Value Market Research. The smart parking meters provide the informative data that helps to study the parking patterns which assists municipalities and parking operators to make arrangements accordingly. The operators need strong and powerful tools to support the efficient management of their parking facilities. The smart meter do track each and every transaction associated with the parking ticket along with the number plate of the vehicle resulting in enhanced decision- making and enforcement. However, commuters often had to face the issue of being overcharged or undercharged vehicle fees whereas the smart parking meters eliminated that risk and thus charge the correct fee based on time and parking conditions.
Naira Shekhawat has been into Content Writing just after completing her Graduation in English Literature. Her love for words has won her many accolades in her respective jobs ever since. Naira covers business sections for VMR News. She is a traveller by heart and loves writing on food blogs as a freelancer.