Key developments in electronic payments

Electronic payments

Hot off the press from the Dutch Payments Association, their annual review 2014 gives an overall impression of how electronic payments are developing in the Netherlands and what we can expect in the future. Using a couple of these nuggets of information, how do these trends reflect on the parking industry in general and how it operates now and in the future?

One of our newest Business Members, CCV Holland has posted an informative summary (in Dutch) of the key crucial developments in electronic payments, and here are two for your consideration:

1. Total number of pay by pin transactions fast on the rise

The total number of pay by pin transactions in the Netherlands has increased from 2.1 million in 2010 to 2.9 million in 2014. The Dutch Payments Association forsees that the number of pay by pin transactions will overtake cash transactions in the next five years.

What does this mean for the parking industry? Shifting focus from coin operated payment terminals to pay by pin options.

2. The growth of contactless payment methods

A quarter of all payment terminals in the Netherlands are contactless payment compatible. The monthly total of contactless transactions is currently more than 5.5 million, and the majority of these payments are under €7.50.

How does this translate to the parking industry? Offering a wide choice of payment options ensures swift handling, confirmed payments and most importantly customer satisfaction.

We are undoubtedly headed into a new and exciting era of technological development, delivering innovation at lightning speed. Ready, set, go!!

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