Beijing plans to introduce electronic payment for roadside parking to regulate the market and collect all the fees it is owed, the Beijing municipal traffic authority said.

The capital has more than 40,000 parking spaces, which should have generated more than 300 million yuan ($48 million) last year for the government.

However, less than half of the fees collected by companies has been turned in as government revenue in a number of major cities including Beijing, Xinhua News Agency reported.