Providing parking spaces to businesses and the general public is a guaranteed lucrative business, particularly in busy cities the likes of Kuala Lumpur, Jakarta, Sydney. The more popular the area, the harder it is to find a parking space. However, not only attraction spots like shopping malls and tourist sites require massive parking bays but also building like hospitals, offices, and convention centers. As an example, the KLCC Parking operator alone managed a total of 12,634 parking bays in 2018 that generated around RM60 million revenue yearly and growing. It is a business that makes a substantial income, but the operators also need to mitigate the rising cost of providing such spaces in the cities.
Apart from providing a safe and decent space for vehicles, operators need to find a better solution to offer their patrons when it comes to paying a parking fee. While many are still comfortable of using parking tickets for payment, the method poses many problems to the users if they lose the card or damage it. The lack of payment machines also is a nuisance to parkers. In short, the patrons are tolerating the system leaves them with no choice, but it is not providing convenience to the customers. Hence, parking operators need to seize the upcoming payment trends and the available parking technology to win the customer over and tap on the market share more aggressively and efficiently.
TimeTec Cloud is providing a solution that can assist e-wallet providers in becoming a Multi-tenanted Cloud Parking System total solution provider and simultaneously, to further promote their pay App. On the other hand, this solution also provides parking operators with an opportunity to keep up with the current technology and supply their patrons with the best solution possible.
Over recent years, many parking operators are starting to migrate to Cloud and App payment options. The KLCC Annual Report published the focus of KLCC parking management in 2019 is to intensify the promotion of the cashless initiative of their car parking management services as well as to migrate the virtual parking data into a private cloud. This significant change is happening because there are advances in vehicles connectivity, smart infrastructure, and IoT applications are transforming the possibilities for parking. The new technology offers improved user experience throughout where customers find it easier to find for parking bays, to pay for parking rates and at the same time more accessible for the best rates possible. On the management side, they receive tech and data analysis, and they have better location management as well as robust cost management, all from one solution.
To further gauge the readiness of a new parking payment solution, the public was starting to accept and warmed up to the idea of e-Wallet as a payment option. Along with this trend, more new offices and shopping malls may prefer a new solution rather than the conventional parking systems that exist today.
Unlike providing an e-wallet service to retailers, managing a parking system is a complicated process. Our team is capable of handling the complexity of a parking solution that involves four major segments, the frontend access control system, the time and rate management system, the frontend payment system and the backend payment and parking management system.
