Table of Contents
- RingGo and PayByPhone enjoy huge benefits
Two of the UK’s leading parking apps have made stellar profits while being accused of ripping off motorists.
RingGo sales soared 16 per cent to £30m last year and profits rose 20 per cent to £6.1m, while PayByPhone reported revenue up 90 per cent to £12m in 2023 , with earnings rising 47 per cent to £407,889.
The two companies have grown rapidly in recent years as more local authorities abandon traditional pay and display machines in favor of using cashless payment platforms.
Windfall profits: Two of the UK’s leading parking apps have made stellar profits while being accused of ripping off drivers.
But cashless payment apps have been heavily criticized for their stealthy charges to customers on top of standard parking fees.
These include an additional 20p fee for simply making a reservation on the app, as well as additional charges for sending text messages to remind customers that their parking time is coming to an end.
According to the AA, councils used to absorb these extra costs, but due to tight budgets they are now asking parking app companies to pass them on to drivers.
Consumer rights expert Scott Dixon said: “It costs nothing to send text message reminders, so charging drivers for it is unreasonable.” Convenience fees are a scam.’
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive inverter
interactive inverter
Fixed fee investing from £4.99 per month
sax
sax
Get £200 back in trading fees
Trade 212
Trade 212
Free trading and no account commission
Affiliate links: If you purchase a This is Money product you may earn a commission. These offers are chosen by our editorial team as we think they are worth highlighting. This does not affect our editorial independence.