Public services in a cashless society
2017 marked the first time debit card payments overtook cash as the most popular form of payment in the UK. Consumers have embraced the convenience and security of cashless transactions, driven by advances in contactless and mobile payment technology. Figures from UK Finance suggest cash payments will represent just 16% of all transactions by 2027.
Consumers are also increasingly carrying less cash. A study of 2000 UK adults by Firstbus found that one in five people never carry cash and 44% had been left unable to pay when cash was the only available option. Three quarters of respondents also said that they expect every retailer they visit to offer a cashless payment alternative.
Evolving consumer needs
As expectations of cashless payment continue to rise, it is up to public services to provide availability to easily accessible services. Parking is a classic example of a public service that is perfect for cashless payment transformation.
Almost everyone will have suffered the inconvenience of arriving at their destination and finding they do not have cash to pay for parking. This leaves frustrated drivers with the inconvenient option of having to draw out money from a cashpoint or buying an item to get change. They might overpay for parking because they lack the right coins, or might even be forced to find an entirely different car park.
Taking the pain out of parking
A mobile app or text-based cashless parking option eliminates that frustration as, with a few clicks, the driver can pay the exact amount needed. Customers can also receive SMS alerts when their parking approaches expiry, check the time left on the meter and extend their stay via the app – all without having to return to their vehicle. This reduces the risk of drivers incurring penalty charge notices through overstaying and contributes to a generally stress-free experience.
Chipside’s MiPermit application enables drivers to conveniently pay for parking via mobile phone. The app shows users their vehicle, location, start and end of stay, amount paid and a countdown timer. Receipts may be downloaded if needed and drivers can also pre-book parking for planned visits, cancelling this at the click of a button if necessary.
In today’s increasingly cashless society, paying for parking by phone is the ideal solution.
Find out more about MiPermit here.