Method and system for parking rate estimation based on geolocation and payment history

A method for estimation of parking rates based on location and transaction data, comprising:

• storing, in a transaction database of a processing server, a plurality of transaction data entries, wherein each transaction data entry is a structured data set related to a payment transaction including at least a geographic location or merchant identifier, transaction time and/or date, and transaction amount;
• storing, in a location database of a processing server, a plurality of location data entries, wherein each location data entry is a structured data set related to a consumer geolocation including at least a geographic location, a location time and/or date, and a length of time;
• executing, by a querying module of the processing server, a query on the transaction database to identify a subset of transaction data entries where the included geographic location or merchant identifier are associated with a parking area;
• executing, by the querying module of the processing server, a query on the location database to identify a subset of location data entries where the included geographic location is included in a predefined geographic area associated with the parking area;
• identifying, by a determination module of the processing server, an average parking time based on the length of time included in each of the location data entries included in the identified subset of location data entries;
• identifying, by the determination module of the processing server, an average cost amount based on the transaction amount included in each of the transaction data entries included in the identified subset of transaction data entries;
• and
• identifying, by the determination module of the processing server, an estimated parking rate for the parking area based on at least the identified average parking time and identified average cost.