Posted: Mar, 22, 2022 1:02PM ET • 2 min read

Someone paying for parking at a parking meter using a credit card

The quest for convenience seems to be on the minds of organizations worldwide as they shift their businesses and their offerings to suit their customers' needs. One way in which they have done so is by offering virtually contactless payment options and eliminating the need for traditional forms of payment—like cash. Some may say that the pandemic has given us the inevitable boost to transition to a cashless society to minimize unnecessary touchpoints for customers.

However, the question of security for the misuse of personal and banking information from using these forms of payment are still very much prevalent. To combat this, EMV, otherwise known as Europay Mastercard Visa, was developed as a global standard to ensure interoperable, secure payments when using smart cards.

The parking industry has followed suit, as trends suggest that more and more parkers opt to use their credit cards as a quick payment method instead of scrounging for change at the bottom of their pockets or handbags. Because of this, it comes to no surprise that parking facilities have begun to integrate EMV into their parking infrastructure. This provides the highest level of security for the visitor and offers peace of mind for parking operators.

So what does EMV secured processing entail? To put it simply, it protects cardholder data by reducing the risk of fraud when using a smart card, either when 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. EMV and PCI compliance work hand in hand to provide a secured credit card payment when paying for parking. When a visitor is paying for parking using an EMV-enabled card or device, the transaction is automatically authenticated, verified and authorized by both parties. Every time a visitor pays for parking, information unique to the transaction is incorporated, making it next to impossible to be stolen or replicated.

The EMV standard has reduced counterfeit card fraud for Canadians across the country, making it a vital part of payment processing for parking facilities, organizations and visitors alike. Undergoing increased verification will not only form a global payment authentication for the industry as a whole but your facility as well. Upgrading your parking hardware and software to accept EMV-certified payments, including chip-and-pin, tap-and-go and mobile-based, will create a reliable and secure customer journey.

References

EMV: Making Payments safer. (n.d.). Retrieved April 14, 2021, from https://www.mastercard.ca/en-ca/merchants/safety-security/emv-chip.html

Official PCI Security Standards Council site - VERIFY PCI Compliance, download data security and credit card security standards. (n.d.). Retrieved April 14, 2021, from https://www.pcisecuritystandards.org/about_us/

Parking revenue financial services - Precise ParkLink: Parking management solutions. (n.d.). Retrieved April 14, 2021, from https://www.preciseparklink.com/gw-parking-revenue-financial-services

Secured credit card payment EMV and PCI. (n.d.). Retrieved April 14, 2021, from https://www.hubparking.com/features/secured-credit-card-payment-emv-and-pci/