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- 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.’
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