Do you remember when you used to buy tickets at authorized points of sale and they gave you in exchange a cardboard or printed paper that you kept like gold in your pocket? It seems to be a long time ago. Just like carrying cash for events.
The new reality of the leisure and entertainment sector has also joined the technological revolution. Whether sporting events, festivals, congresses or fairs, events are going through a time of change that aims to improve the experience of attendees.
We’re talking about cashless events, which make life easier for visitors while they enjoy concerts or sporting events worry-free. Do you know what cashless events are all about? We’ll tell you!
What is cashless payment?
Surely you’ve been hearing the term Cashless for a few years now, but since then its use and technology have been evolving.
Cashless payment is a payment system that eliminates the use of cash (bills and coins). With this technology, the user no longer needs cash and all the advantages that this entails during an event.
The payment format has been changing as technology has evolved. Changes in user consumption have been marked by digitization, including the reduction in the use of cash during their daily lives, even during their leisure time at events.
Types of cashless systems in events
As we were telling you, payment formats have been evolving according to trends and available technologies. There are different cashless payment methods for events. We will tell you about some of them, from the oldest and most traditional to other more technological and current ones.
Cashless payment through tokens: this is the most traditional means of payment during events such as festivals. It was a revolution in its day and consisted of exchanging cash for the festival’s or event’s own currency that allowed payment inside the venue.
- Cashless payment by credit card: payment by credit card is also a cashless payment as it does not require cash. In this field we include payment by smart devices such as cell phones or smart watches, systems in which we can integrate our bank cards.
- Cashless payment using NFC or RFID technology: This technology is the most advanced in cashless events. NFC and RFID technologies allow payment through wristbands, QRs or badges. Currently it is the most used system in events, as it brings great benefits to both organizers and attendees.
How the cashless system works in events
Nowadays, the most demanded and used Cashless payment system in events is the one that uses NFC or RFID technology. Do you know how Cashless works in events? We tell you about it!
Cashless technology is an electric payment system using specific software that allows users to add money to a chip or system embedded in wristbands, badges or even QR codes.
With this system, the user no longer needs cash during the event and only has to recharge the system that has been delivered to him through card payments.
Cashless systems allow unlimited recharging by attendees. This recharge is allowed from the event’s website or app or from recharge points established at the venue where the event takes place.
Why are cashless events so successful?
Money management is a real headache: accounts, refunds, tickets, cash registers, etc. Cashless payments have meant a before and after in events. A triumph that is due to the multiple facilities and advantages of not having to manage physical money during an event, both for organizers and staff, as well as for attendees.
The technology involved in cashless payments (RFID and NFC), works without the need to be connected to the internet, making it a system without the risk of connection drops that could cause a bad experience for attendees during the course of the event. In addition, they allow the digitization of many processes within the event, improving internal management.
If we explain the advantages of cashless, we are sure you will understand much better its success.
Advantages of cashless at events
Convenience: by eliminating the use of cash at an event, we increase the comfort of the attendees by not having to carry coins and bills with the fear of losing them and the weight and discomfort of having to carry a wallet or pockets full of coins.Convenience: by eliminating the use of cash at an event, we increase the comfort of the attendees by not having to carry coins and bills with the fear of losing them and the weight and discomfort of having to carry a wallet or pockets full of coins.
And on the organization’s side, it improves the traceability of the money, since we ensure that all the money that moves within the event is centralized in a single medium.
- Increased sales: cashless payment systems reduce the stress generated by spending money. By not using cash, the perception of spending is different and favors an increase in consumption, approximately a 15-30% increase.
- Reduced waiting: the integration of the Cashless system within NFC technology elements not only allows payment within the event, but also allows the registration of attendance and identification of tickets, thus reducing waiting times at the entrance and exit of the event and during the purchase of drinks, food or merchandising at the venue’s points of sale. The reduction of queues improves the wellbeing of attendees and staff!
- Increased security: the cashless and contactless payment system with NFC technology does not require the internet for its use, it is a closed system that ensures the protection of payments. In addition, not having to carry cash reduces the risk of theft, robbery or counterfeiting during the event.
- Real-time data: Undoubtedly, one of the biggest advantages for event promoters is obtaining real-time data. The NFC cashless system gives us greater control of what happens during the event. It is able to instantly collect economic data such as the average expenditure per attendee, the moments of highest consumption or which products are the most consumed.
This information is key to better event management. It allows organizers and promoters to have a better control of what is happening and to have a good knowledge of consumption behaviors allowing them to make decisions during the event, as well as for future events.
Sometimes, less is more, because as you can see, reducing the use of cash inside an event and venue improves the user experience, enhances the brand image of the event and the organizing company and improves and facilitates the work of the staff. A technology that is here to stay!