CEDARHURST, N.Y., July 26, 2016 /PRNewswire/ -- Municipal Parking Services (MPS), the world's leading manufacturer of smart parking meters, and Cardis announced today that they have signed an agreement to implement Cardis' technology for the cost effective processing of low value electronic payments (LVPs) into MPS's parking meters, the first of which will be rolled out in Cedarhurst, Long Island, NY. MPS will continue such rollouts across the United States. With the rise of mobile technology and smart parking systems, the worldwide parking industry, which is valued at $100 billion, is expected to attract $200 million in strategic investment during the next 5 years. In line with this is investment in next-generation technology for electronic payments.
The partnership with MPS introduces a perfectly targeted application of Cardis' proprietary aggregation technology that will lower transaction processing costs, boost bottom-line revenues and enable MPS to further expand their market. As the Cardis LVP technology is implemented in the vast, 20-million unit parking meter industry, cost savings potential from an LVP application is in the hundreds of millions of dollars.
Jonathan E. Nierenberg, Chief Marketing Officer of Cardis International, noted, "Cardis is delighted to introduce our new payment technology to MPS. It sets a new standard for the parking industry, bringing a frictionless payments experience to this most necessary of everyday activities. We already have our sights set on targeting other verticals such as gaming, c-store and e-commerce."
Joe Caldwell, CEO of MPS, commented, "Transaction costs on low value electronic payments are disproportionately high relative to the low purchase amount on our parking meters. The Cardis Solution not only offers more convenience to drivers, but stands to save MPS and municipalities like Cedarhurst, in aggregate, millions of dollars a year in merchant fees."
About Municipal Parking Services (MPS)
Municipal Parking Services (MPS) is a global leader in design, development, manufacture and marketing of technologically advanced parking solutions. For more information, please visit MPS at http://municipalparkingservices.com/
Cardis Enterprises International BV provides unique solutions for processing of low value payments with game changing cost efficiency. It aligns the interests of banks, payments schemes and retailers in driving the global move to cashless payments by lowering the cost of electronic transactions. Please visit www.cardis-international.com.