Today’s consumer is always on their phone, whether they are consuming digital media, booking a restaurant for dinner, or finding a place to park. Consumers are also turning to their phones when it comes to paying for goods and services.
According to McKinsey, 78% of consumers are using digital payments. That number is even higher in younger users. In the 28-34 age group, the adoption rate is 93%. Digital payment users are also proving their dedication to the practice. In fact, 58% of consumers use two or more digital payment methods.
High rates of adoption are no surprise. Digital payments have become available seemingly everywhere and they make it easy for consumers to pay in stores and online with ease. Parking is no different; consumers expect mobile convenience when they park, just like they do at the grocery store.
In the cities where FLASH rolled out digital payment options, the share of onsite digital payments increased by nearly 500%. In the same cities, we found a 79% increase in the share of parkers paying with Apple Pay or Google Pay. This indicates integrated digital payments are now a critical part of the parking and mobility experience.