MILWAUKEE (CBS 58) – City leaders in Milwaukee unveiled new smart parking meters on Thursday.

Over the next two to three years, coin meters and kiosk parking stations will be phased out to make way for the “smart” meters.

The city is paying around $3.5 million to the Arkansas based POM Parking Meters company for more than 3,500 smart meters. Each smart meter will serve two of the city’s 7,000 metered parking spots.

“We’re introducing this technology at a time where the current system has reached its own useful life, so it’s very smartly timed,” Milwaukee Department of Public Works Commissioner Ghassan Korban said.

With the smart meters, drivers will be able to pay with a credit card, coins or through the MKE Park app.

“Sometimes you may leave the house without quarters,” Milwaukee resident Marcya McReynolds said. “You may not have your debit card or I guess there are some people that don’t have a debit card so I think having a lot of options is a good thing.”

Leaders say there’s also a possibility for DPW to remotely update the smart meters with different restrictions or rates.