Contactless Payments: Market Watches ParkMobile Acquisition Closely

In early March 2020, ParkMobile LLC announced that it would have a new owner. Currently, the business is in the middle of a pending sale from its parent company. The buyer is Stockholm-based EasyPark group – a big move that has many eyes in the industry watching.

While the terms were not disclosed, ParkMobile did share that its brand will be retained. According to a spokesperson, “ParkMobile has a very strong brand awareness in North American and there is no current plan to rebrand.” Atlanta-based ParkMobile LLC says it has more than 22 million users in 450 cities. 

According to industry leaders, this acquisition marks EasyPark’s entry into the North American market. This move to take on the market with ParkMobile on board is strategic.

“Over the past 12 years, ParkMobile has emerged as the technology leader in North America for contactless parking and mobility payments,” Jon Ziglar, ParkMobile chief executive, said in a statement. “Joining forces with EasyPark Group will enable us to continue this momentum into the future and opens up an array of new global growth opportunities.”

Impact of Pandemic on ParkMobile Acquisition

The pandemic has affected every industry and business across the globe in one way or another. In this case, the pandemic has actually provided time for Cincinnati-based Fast Park – an airport parking provider – to complete the installation of contactless payment technology at its 16 facilities with minimal disruptions to operations.

Thanks to the improvements in technology, drivers are now able to pay with a mobile wallet like Google Pay or with a contactless-enabled credit or debit card. These changes have helped the company stay up-to-date with changing customer needs and expectations amid the pandemic – preferences that are here to stay, according to experts.

“For years, we’ve offered mobile capabilities that replaced the need for a paper ticket,” says Robert Chavez, Fast Park chief operating office. “Our rollout of this new payment technology was the last step in providing our guests a truly contactless entry and exit experience.”

Moving forward, the industry will likely see many more acquisitions like the Fast Park and ParkMobile agreement. Companies will join forces more than ever before to ensure they’re offering the best technology, security and options for consumers.

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of bestpaymentproviders.com He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.