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Today, technology is transforming the way we interact with the world. Music festivals and similar events face unique challenges, as people are increasingly looking for on-site experiences that are exciting and unforgettable. Issues such as long queues, security and handling large amounts of money can be a major concern when organizing a festival.

In this case, many event organizers have opted for cashless at festivals, a payment system that allows attendees to make cashless transactions. In this article we will discuss the benefits of cashless festival and how it has changed the experience of attendees and promoters for the better. Shall we start?

What is cashless at festivals?

As its translation indicates, the term cashless refers to a cashless payment system designed to provide security in financial transactions at events. Cashless and contactless system, are they the same? Despite having features in common, the former has a much more competitive advantage as it integrates functionalities to optimize revenue and user experience.

When we talk about cashless festival, we refer to any payment made at the venue using event wristbands with NFC technology. This payment method has improved all festival processes for both promoters and attendees. It is more reliable, faster and simpler, and more and more festivals are incorporating it. Organizers can get real-time information on all transactions. And as far as attendees are concerned, the cashless system at festivals offers many advantages beyond not having to carry cash. Would you like to know them? Let’s take a closer look at some of the benefits cashless at a festival brings to each party.

Benefits of cashless to increase your festival’s revenues

There are many advantages of the cashless system for festival promoters. Let’s review some of its strengths:

Increased revenues

With cashless attendees can pre-load their wristband before the festival even starts. At the end of the event there is the possibility of recovering the money that has not been used. This means that more money is recharged than is expected to be spent and, therefore, leads to higher consumption.

Another advantage in terms of reducing personnel costs is that more orders or requests can be handled at the same time. This translates into the need to hire less staff for the festival.

Avoid network-related problems

Cashless can operate without an Internet connection. This allows for continuous use anywhere, as well as ensuring that payments are made in the event of network problems. Cashless at a festival is the most useful way to secure your income on site.

Capacity control

The cashless system is compatible with other devices that use NFC technology and allow real-time capacity control. We are talking, for example, about QR code readers that eliminate fraud due to theft or duplicate tickets and presence or facial recognition cameras that identify visitors and locate them in the enclosure.

Big data, another benefit of the cashless system

The great indirect benefit of this payment system is the collection of detailed information from each attendee, which can be used to improve real-time operations during the festival. 

In addition, promoters have access to sales reports and statistics on attendees’ purchasing behavior. Learn which products are the most demanded, the most used points of sale and the hours of peak consumption.

Customer loyalty

The data extracted from the cashless system is used to build loyalty among festival attendees. This is possible through communications and promotions for future editions of the event.

Increased inventory control

NFC technology allows to collect real-time information on the sale of products from each waiter. An easy solution for stock control and to provide a faster response to unforeseen events.

Advantages of cashless at festivals for attendees

And for festival-goers? Cashless which refers to the use of electronic payments instead of cash also offers many benefits to attendees of festivals and similar events. Some of these include:

Improve attendee experience

With cashless at festivals, waiting times and queues at the entrance and exit or when ordering a drink, among others, are eliminated. Thus, attendees have more time to enjoy their favorite artists and activities that are in the enclosure. 

By integrating gamification tools and brand activation strategies, attendees can live fun and immersive experiences.

Increased safety

By using cashless payment methods, we improve security terms. There is no chance of losing the money, and since these are state-of-the-art technologies, the balance is nominative and only the holder of the card used for the purchase can use the wristband.

Expenditure planning

Another advantage of using cashless wristbands is that, as a user, it allows you to plan your spending better than any other payment method. Check the available balance and transaction history of your wristband at any time and set your spending limit.

Online refunds

The attendee can easily and securely request an online refund of the balance available on the wristband that has not been spent at the festival.

Simply said, cashless festival can improve the safety, efficiency, convenience and analytics capabilities of festival organizers, resulting in a better overall experience for attendees and increased profitability for organizers.

Forget about cash at your next event! With the Gofun technology we provide you with a unique 3-in-1 point of sale to process payments through any payment method. Each event is unique, choose the option that best suits your festival or combine several. Let’s talk?