HAMPTON FALLS, N.H., Oct. 25, 2006 (PRIMEZONE) -- Following the city-wide roll out of 2,500 Parcxmart compliant parking meters in New Haven, which was completed in mid September, the use of the New Haven Parcxmart Card has increased significantly. During the six week period from the beginning of September to the middle of October, Parcxmart meter transactions represented a ten percent market share of the total value collected (coin and Parcxmart) in New Haven.
"We are confident the Parcxmart Card will penetrate 50% of the payment volume in New Haven by the end of first quarter, 2007," said John Regan, President and CEO of Parcxmart Technologies, an electronic payments company. "Once we reach 50% of the meter transactions, our small dollar payment product and supportive merchant network will have mirrored the 50 percent penetration success of credit and debit cards in other markets where pay and display machines accept debit, credit, coin, and cash."
"We've got 2,500 new single space meters on the street that for the first time take nickels, dimes and quarters. We also raised our rates for the first time in twenty years from 75 cents an hour to $1.25. That's a lot of pocket change for two hours of parking," explained Paul Wessel, Director of Traffic and Parking for the City of New Haven. "Parcxmart's combination of a solid product and a smart marketing plan has quickly allowed our local merchants to get the Parcxmart New Haven Card into our parkers' purses and back pockets. It's a no-brainer for the City, our merchants, and our parkers. And to top it off, the City's done nothing to market the program other than get the Parcxmart enabled meters on the street." There are roughly 50 New Haven merchants today, with 75 planned for end of year.
"When compared to parking meter only cards offered by meter manufacturers, which typically get a 0.6% penetration rate, Parcxmart's success in New Haven demonstrates that offering a smart dollar payment smart card that can be used in stores and restaurants as well as for parking works well for everyone," said Larry Berman, parking consultant and New York City's former Commissioner of Transportation. "The fact that within a 30 day period Parcxmart Cards are responsible for 10% of all meter transactions in New Haven already demonstrates wide acceptance of this payment method."
The Parcxmart Card and patent-pending payment solution is America's first fully functional parking and local merchant smart card payment system. The Parcxmart(tm) Card solution is a comprehensive payment platform that uses smart card technology to offer consumers a convenient one card alternative to coins and cash for small dollar transactions at on-street and off-street parking locations, as well as for retail purchases at participating merchants across the United States.
For more information about Parcxmart Technologies visit http://www.parcxmart.com/.
The Parcxmart Technologies logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2186