Alipay launches “shared parking” service in Hangzhou

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首次杭州试点!支付宝上线 “共享停车”新功能… – Tencent

What happened: Alipay has rolled out a new shared parking service in Hangzhou that allows users to find parking spaces, reserve and pay for them via the Alipay app. To use the new feature, Hangzhou users need to connect their Sesame Credit account with their license plate. Currently, the parking service is available only on weekdays from 9 AM to 6 PM.

Why it’s important: Shared parking services might be the answer to the rising demand for urban parking in China. According to government figures, the ratio of car per parking space in Chinese cities is around 1:0.8, which is significantly lower than the average ratio of 1:1.3 in developed countries. Soon, Alipay will likely expand the service from the initial testing location of Hangzhou to other major cities in China.