Skymeter is set on replacing parking meters, toll booths, and monthly insurance bills. Talk about big aspirations!
A prototype location payment system (think GPS black box) has been developed and the Toronto company is forging development relationships from Holland to Singapore. London?s congestion pricing program has perked the interest of governments around the world. Insurance companies such as Aviva and Progressive are considering implementing pay per mile vehicle insurance. And what city wouldn?t want ticketless parking? Greens are excited about Skymeter, as road use charges have the potential to reduce automobile emissions.
The business model is to capture a percentage of payment just like credit card companies. Sure getting the systems into vehicles is going to be a challenge, but we have high hopes for this MaRS incubated company.