Parkmobile recent released the Parkmobile Wallet, a mobile payment processing stored value account that allows users to use their cellphones to pay for parking time at meters around Washington D.C. The program, beginning October 29, was created as part of a reaction to the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act's Durbin Amendment.

According to Mobile Payments Today, the Durbin Amendment placed restrictions on the amounts that credit card brands could charge for debit card transactions. The creation of the mobile wallet was intended to provide a more cost-effective parking and payment experience for frequent parkers in The District.

"Our partnership with the District Department of Transportation is exciting and valuable," Albert Bogaard, CEO of Parkmobile USA, told the news source. "With the continued success of the mobile payment solution, Parkmobile wants to offer parkers an added convenience.

Users will be able to update their accounts and add stored value to the Parkmobile Wallet either through their online account at the company's website or conveniently through an application on their mobile phones. Additionally, the Parkmobile Wallet is Federal Deposit Insurance Corporation (FDIC)-insured, ensuring secure payment processing procedures for consumers.