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We've entered an era where convenience is not only desired but expected. Named the world's most cashless economy right now, Canada is expected to become the first cashless country in the world. That is why contactless payment options are on the rise, with more and more industries, including the parking and mobility industry, opting for this evolving payment type over traditional means.

Although traditional payment methods such as coins and cash are still being accepted, we will soon transition to cashless payment methods for good. Not only do contactless payment options offer visitors ultimate convenience, but they also offer parking operators increased financial processing security. Here's how.

1.     EMV-secured processing provides the highest level of payment security for visitors and peace of mind for parking operators.  

Contactless payments were developed with one mission— never sacrificing security for convenience. To ensure this, EMV, otherwise known as Europay Mastercard Visa, was created as the global standard to provide interoperable, secure payments when using smart cards.

As more and more customers opt for contactless payment methods, it is no surprise that parking facilities have begun integrating EMV into their parking infrastructure. So, what does EMV-secured processing entail? Simply put, it protects cardholder data by reducing the risk of fraud when using a smart card inserted via chip, by tap or through a mobile phone. Each transaction includes dynamic digital data that acts as a safeguard between the credit card and potential risks. 

2.     PCI compliance safeguards cardholder information, creating a reliable and secure customer journey. 

EMV and Payment Card Industry (PCI) compliance work hand in hand to secure credit card payment information when paying for parking. Compliance with the Payment Card Industry Data Security Standards (PCI DSS) is mandated by credit card companies to safeguard cardholder information against theft and misuse. PCI compliance refers to the technical and operational standards merchants must meet to adequately mitigate data breaches and deter fraudulent use of cardholder information. Compliance levels range from Level 1, being the highest, to Level 4. Each level ensures specific responsibilities are met to protect payment data. No matter what level your organization falls under, offering secure payment methods provides customers peace of mind. Upgrading your parking hardware to accept EMV-certified payments, including credit, debit and mobile wallets, will create a reliable and secure customer journey.

3.     Contactless payment methods enhance the parking experience and offer a convenient alternative to traditional payment methods.

Contactless payments are convenient and offer a secure alternative to traditional payment methods. Mobile, tap-and-go and barcode scanners payments offer a quicker transaction time, thus ensuring a pleasant customer experience. 

• Mobile Payments: offer customers the ability to pay or reserve parking directly from their mobile device. App-based and app-less software often provide customers with a QR code or barcode that permits access to the parking facility and scan-to-pay options without the need to pay for parking at the meter or entry. Mobile payment platforms are becoming the new norm amongst those in the parking and mobility industry, with advancements in hardware and software that welcome payment types.

• Tap-and-Go: the most common form of contactless payment, allowing customers to pay for parking by simply tapping their smart card or device. Near Field Communication (NFC) technology has become the new norm across many payments card companies, with Visa, Mastercard, Interact and more offering tap-and-go options on virtually all of their product offerings.

• Barcode Scanners: an easy way to begin accepting contactless payment options in the form of a QR code or barcode. QR and barcode access has formed a new standard in the parking and mobility industry and can be integrated with gated and non-gated parking technology. Not only do they provide more straightforward, safer and faster experiences, but they also foster accessibility. 

Introducing contactless payment options into your parking infrastructure will ensure your organization continues to meet evolving financial processing and payment standards with the highest level of convenience and security.

References

Belmonte, L. (2021, May 26). Canada Could Be The First Country In The World To Go Completely Cashless [web log]. .

Ritacca, J. (2021, April 6). A Guide to PCI Compliance Levels [web log]. .  

Ritacca, J. (2021, March 24). PCI Compliance: What it means and how it’s evaluated [web log].

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Sgloron, A. (2021, November 11). Why contactless payments don't sacrifice security for convenience. Parking Industry. Retrieved January 16, 2023, from

Andrew Sgorlon

Technical Sales Support Manager, Precise ͵ÅÄ͵¿ú