The Parking industry has grown significantly over the last few years, driven by the rapid rise in population, increased vehicle ownership, and the expansion of smart cities. As these cities continue to grow, the demand for efficient parking solutions becomes more evident and more important than ever. In terms of growth, the parking lots and garages global market size will grow from $98.45 billion in 2023 to $102.35 billion in 2024, and $119.91 billion is projected for 2028 at a compound annual growth rate (CAGR) of 4.0%.

This surge is fueled by the integration of technology into parking operations, enabling cities, universities, airports, and commercial spaces to improve efficiency, reduce congestion, and enhance user experience.

 

Growing Demand for Parking Solutions

Parking has grown into more than just “finding a space”. There are many different aspects about parking, and the industry now covers a wide range of parking “spaces” including:

  • Parking Meters and Pay Stations – traditional parking meters are evolving into digital and touchless systems. Pay stations located in parking garages or street-side provide convenience by offering multiple payment options like credit cards, mobile payments, and contactless payments while rapidly phasing out the pay-by-coin method.
  • Parking Garages and University Campuses – universities face unique challenges in managing parking for students, faculty, and campus visitors. With busy campuses and thousands of vehicles, efficient parking management is essential. Universities will often use a combination of parking meters, pay stations, and access control systems that integrate with their wider campus management software.
  • Parking Access and Revenue Control Systems (PARCS) – PARCS are essential for automating entry and exit gates in parking lots and garages. These systems often include sensors, license plate recognition, and mobile payment integrations, allowing seamless access for customers while ensuring operators can manage revenue accurately.

Common across all aspects of parking is the need for the ability to accept payments. Therefore, as the parking industry continues its steady growth, the demand for innovative hardware solutions that support fast, secure, and reliable payment methods is also increasing.

 

VP6825: A Complete Payment Solution for the Parking Industry

Efficient and secure payment methods are central to modern parking systems, and there are many unique challenges within the parking industry. One solution that stands out in addressing these challenges is the ID TECH VP6825, a highly secure, highly versatile, and robust payment terminal that is specifically designed to meet the needs of the parking industry:

  • Ensure Data Security – As payment fraud becomes more sophisticated, parking operators must ensure that their systems comply with the latest PCI requirements to protect customer data. The VP6825 is PCI PTS 6.x certified, which meets the latest standards of security controls to defend against physical tampering and the insertion of malware that can compromise card data during payment transactions. More stringent security features have been implemented to address emerging threats, such as advanced encryption and tamper detection technologies so operators and customers have peace of mind knowing their sensitive card data is protected.
  • Seamlessly Integrate with Parking Management Systems – Payment solutions must integrate with larger parking management systems like PARCS to provide a seamless experience from entry to exit. This includes real-time authorization, dynamic pricing models, parking permits and passes, and reporting tools. With flexible SDKs and APIs, the VP6825 can easily integrate with existing parking management systems, providing a seamless and efficient experience for both operators and customers. It is also powerful enough to host payment applications, allowing businesses to customize and meet specific needs whether in a parking garage, university campus, PARCS, or busy urban areas. This helps to enhance the overall experience and speeds up the payment process.
  • Handle Multiple Payment Methods – With cash and coin widely becoming a payment method of the past, consumers expect to pay with debit/credits cards, mobile wallets (Apple/Google/Samsung Pay), and other digital payment options. The rise of contactless payments, especially post-pandemic, has made it essential for parking facilities to upgrade their hardware to meet this demand. The VP6825 supports compatibility with traditional payment methods like chip and magstripe, but also accepts contactless and mobile wallet payments like Apple/Google/Samsung Pay and accepts payments via QR/barcodes. With its support for both open loop and closed-loop payments, the VP6825 is desirable for campuses, universities, and other businesses that have parking structures that utilize both traditional bank-issued cards as well as their own proprietary payment systems.
  • Durable Hardware – In addition to supporting advanced payment features, parking hardware must be built to withstand varying environmental conditions like rain, snow, or extreme heat, while maintaining high functionality over time. Parking facilities, especially unattended outdoor parking meters and pay stations, are exposed to harsh weather conditions. Backed by its IK08 and IP65 ratings, the VP6825 is built to withstand the elements, ensuring it remains functional and reliable over the long term. With years of experience in outdoor, unattended payments, ID TECH ensures long-lasting performance by undergoing extensive testing beyond the industry standard IK and IP requirements. This enhanced IK and IP testing exposes the products to prolonged UV rays, water, and impact, simulating real-world conditions to ensure the greatest outdoor performance.
  • LTE Support – Offline or downed terminals can cause major headaches and prevent the steady flow of traffic. The VP6825 provides optimal cellular coverage across North America, EMEA, and Japan. AT&T TRENDI and PTCRB certifications, in addition to dual SIM slots, help to ensure continuous network connectivity.
  • Low Power Consumption – For parking systems or meters with strict power requirements, having a device with low power consumption and power-saving modes is an important aspect that can be overlooked. The VP6825 has various power management modes to help with overall power usage to ensure the device is running optimally.
  • Payment Application Engine (PAE) Platform – The VP6825 supports ID TECH’s PAE, a certified middleware platform that enables expedited certification to payment processors such as Worldpay, significantly cutting costs and accelerating time to market.
  • 4.3 Inch Touchscreen – Nothing is more frustrating than a confusing pay station or an unresponsive interface. With the VP6825’s 4.3” color touchscreen, you can enhance the customer experience by displaying payment instructions, customized branding, or various advertisements. The LCD screen is designed to withstand prolonged exposure to sunlight and supports PIN-on-Glass for PIN transactions.

 

Looking Ahead: The Future of Parking

As the parking industry continues its growth and evolution, the need for smarter, faster, and more secure solutions will only grow. Parking garages, university campuses, and PARCS will continue to rely on advanced systems and technologies that streamline the parking process, improve user experience, and enhance operational efficiency. Payment hardware like the VP6825 will play a crucial role in this transformation, providing parking operators with the technology they need to keep up with the growing demand and complexity of parking management.

With innovations like the VP6825, the parking industry is poised to move into a future where payments are faster, more secure, and seamlessly integrated into the smart cities of tomorrow.