Parkt works with mobile applications on devices used by both customers and businesses. Customers first use it to scan a QR code when they check their car into a parking garage, and the application then displays a list of businesses in the local area that participate in the scheme.
When spending money at a participating business, the customer scans another QR code which adds USD-value reward points to their account. Businesses set their own spending thresholds for rewards. Customers can accrue rewards from multiple businesses. They then redeem those points or can withdraw them immediately in Bitcoin.
Parkt does not feature built-in Bitcoin storage, so users will still need to choose their own third-party wallet and enter its address into the Parkt application.
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