Over the next two years, the city of Boston plans to replace the vast majority of its existing single- and dual-space parking meters with new kiosks that accommodate multiple spaces and provide additional payment options, the city’s transportation commissioner said Wednesday.

“Most of these meters are at or near the end of their useful life, so that’s why we’re taking on this process now,” Nick Gove told GBH News. “Our schedule is to begin sometime, hopefully, in late 2024. … This will be a phased project, probably running through 2026.”

At present, Boston has approximately 5,600 single- and dual-space meters, as well as about 160 multispace kiosks. Those multispace kiosks — which can cost more than $5,000 — are currently found in locations such as Boylston Street.

When the replacement process is completed, there will be between 500 and 700 multispace kiosks citywide, with the number of single- and dual-space meters dropping to 1,000 or fewer. These remnants of the old system, which will likely be kept on some smaller city blocks, will be upgraded as well, with new meter heads attached to the existing posts.

Without this sweeping replacement, Gove said, the rising number of non-functioning meters would decrease parking revenue.

Gove added that — while the new meters will continue to accept coins — they’ll also offer new electronic payment options, possibly including tap-to-pay and pay-by-text. Neither option is currently available in Boston.

“Customer point-of-sale preferences have continued to evolve over the last decade — really, the last half decade,” Gove said.

Payments made by credit card and through the city’s parking app now comprise more than 90% of parking revenue, with the share of coin-based payment sharply declining.

While no increase in parking rates — across the board or in particular locations — is anticipated in connection with this equipment upgrade, Gove said the city plans to reassess its current traffic and parking regulations later this year.