Every year the city of New York issues about eight to ten million parking tickets. However, soon drivers may be able to use their smartphones to pay their fines instantly with cryptocurrencies or mobile apps.

New York City’s finance department is looking into alternative payment methods such as Bitcoin, PayPal and Apple Pay for the $600 million annual parking ticket revenue it collects from issuing up to 10 million tickets.

Apple Pay and Paypal are accepted by hundreds of thousands of retail locations and the two companies are expected to grow significantly in 2015. Now even more companies are branching out into accepting these new payment methods, including companies like Overstock.com and Microsoft which accept the digital currency bitcoin for some online purchases.

At the current moment the parking bureau’s system is outdated and drivers currently pay for tickets online, in person at the courthouse or via mail. However, the online system is not friendly with mobile devices and credit and debit card payments could be charged with a 2.5% convenience fee.

The city also believes that offering mobile options could help cut down the fines that it racks up each year from penalties and base fines on unpaid violations, late fees for example start 30 days after the tickets get issued.

So far the city has only issued a Request for Information which is due January 15 which seeks information about potential mobile payments systems like bitcoin and PayPal. While the city assumes that the new processes will be better than the setup they currently have, it acknowledges it has a lot to learn about the mobile technology market and whether or not its adoption will actually be viable.