Integrating the ability to electronically pay for parking is not that much of a leap when you think about it. As a global automobile manufacturer, this move to further reduce both set-up and operational parking payment transaction friction at ones helps diversification of revenue streams as well as additional day-to-day usage data back to VW.
PayByPhone has over 12.5 million registered users worldwide, processing more than $250 million in parking payments in 2016 alone. When you consider that a parking fare is nothing more than a few dollars, that’s quite a lot of individual payments. The company says that the purchase will allow it to “explore new ways to expand our mobile payments technology” and it is “[looking] forward to accelerating our consumer parking and payments agenda made possible by this deal”.
Mercator Advisory Group will be actively tracking such developments made by VW and other car manufacturers, we anticipate the drive to gathering and accessing consumer behavior data will factor in the making of strategic decisions that pursue more experiential oversight. That is to say, more corporations will be interested in how they may facilitate and receive incremental payments for the experiences they play a role in actualizing.
Overview by
Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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