There is indeed a very bright future for anything mobile. As our smartphones get smarter and more powerful, companies are more inclined to give more preference on what level of mobility they can add and help simplify the task for consumers. And its not just about bringing in your email, documents, location, etcetera to your device only, rather a stew of every service that exists, collaboration of each feature within a mobile to bring a more refined product which is in demand. And in demand means investors are on the lookout to make investments that ensures them the ROI.
This brings me to NOW! Innovations’ developed payment platform for parking and other similar purposes, ParkNOW. Before going into the details of ParkNOW, the more important news. The Estonian Development Fund along with other investors have invested 1.5 Million Euro in the Estonian firm. Why exactly? Lets explore this beginning with what ParkNOW is.
ParkNOW is a platform aimed at helping motorists; both private and companies that own a number of vehicles. With the ParkNOW platform, the task of making payments for your parking fee is simplified with using mobile payments as an effective and quick tool to make payments there and then.
The main market is in the United States with its largest client being the Montgomery County in Greater Washington D.C. It is the second largest mobile parking installation in the US with more than 14,000 parking spaces. Given its successful operation in the US, plans are to introduce similar installations elsewhere. The markets in the pipeline include Spain, Russia, Portugal, Singapore, Mexico and Argentina. So there are possibilities ahead for NOW! Innovations making it big globally with its services which also include permits and tickets.
The mobile parking might be quite well developed in the Estonian region, where almost 90% of all parking payments are done via the mobile phones, but its still in early development globally. To justify the investment made it would be fair enough to state that the parking market in Europe and North America alone is estimated to be $65 Billion. Quite a staggering amount to bet the 1.5 million Euros on.