EMV Migration For The US Parking IndustrySource: Creditcall Corporation
EMV has revolutionized payments and is already in place in many regions across the globe. So far, the US has delayed its adoption of the new standards, which replace magnetic stripe payments with Chip-based transactions. However, this is all about to change.
The US payments sector has a migration plan in place and some imminent deadlines. Despite this, many organizations are unaware of the full extent of EMV, or even what it entails. The fact is - EMV is the present and future of payments and affects every card payment system, device and application.
The International Parking Institute estimates that the US parking sector generates more than $25-30 billion in gross parking revenues annually. Payment systems are the lifeblood of that sector and are directly affected by this technology shift. Whether it is pay- and-display, single-space meters, pay-on-foot, mobile phone payment, unattended or online, manufacturers and parking operators must tackle the technology shift and deploy EMV-ready solutions across their infrastructures.
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