With the use of cash in everyday life falling, it’s no surprise to see the same happening with festivals and other gatherings. Cashless events are on the rise.
From festivals to trade shows, more and more organisers are opting for a cashless solution to streamline their events. There are major benefits to going cashless, from reducing queues to increasing security. One major plus is increased revenue: festival and event attendees typically spend 20% more when there are RFID cashless payments available.
Research has found that different payment methods cause different perceptions of money, and the less friction involved in each transaction, the more money people are willing to part with. In other words, the easier it is to spend money, the more money people will spend.
So if you’re an event organiser, this should be music to your ears. Cashless technology provides a much better customer experience overall – let’s have a look at why that is.
At most cashless events, customers won’t have the option to use a credit card, debit card or cash for individual transactions. Instead, they put money into a digital wallet and use that for all their purchases.
Attendees can load money onto their cashless account before the festival or from a kiosk as they arrive. Better still, in some setus they can also use a mobile app to top up their balance from anywhere.
How do they actually spend it? The most popular option is through RFID or NFC wristbands – a fabric and plastic bracelet with a contactless chip inside.
On-site staff will have a device that they tap to accept contactless payments, so the customer just waves their wrist near it, and it’ll deduct the money. Staff can also check the customer’s balance and show it to them after each purchase.
When the event’s over, customers can request a refund of unused credit by visiting the top-up station, using the event website, or making a request through the app.
Any type of event can go cashless, but you’ll see it most often at music festivals, where guests make multiple transactions throughout the day or weekend – food, drinks, merchandise, and so on.
Cashless payment solutions can massively upgrade the quality of the event experience – here are the main benefits of ditching cash at your event.
Boost your visitor spending
Sure, you could do things the old-fashioned way. Cash is still used in wider society, and won’t disappear for a while yet. But it’s dropping every year, and that means consumer expectations are changing too. In the year 2000, 50% of all UK point-of-sale transactions were cash. By 2020, that figure was down to 12%.
It’s difficult to see that trend reversing, and customers won’t want to worry about bringing enough cash with them to your event when they don’t carry as much as they used to.
As we mentioned, cashless payment systems boost customer spending by making it simple, easy and safe to make a purchase. While research shows an average 20% higher spend per head with cashless, in some examples, we’ve seen figures even higher than that.
Easier payments and reduced queues
Thirsty festival-goers want fast and easy transactions. They want their beer now – not in 15 minutes. And they don’t want to wait 30 seconds while a slow POS device waits for authorisation over a crowded payment connection.
Cashless payments mean much quicker transactions for food, drinks and merchandise. In a busy environment where thousands of payments are made each hour, being efficient makes a huge difference. It could be the difference between customers getting served in under a minute or queuing for ages and missing their favourite band.
Quick and efficient customer service means greater satisfaction overall. And that means people come back to your events in future, and get their friends to come with them too.
Enables real-time spending data
Because cashless payments are processed through one unified system, transactions can be monitored through your event. This means you can gain valuable insight into attendees’ spending behaviour, and identify issues quickly on the day.
Alongside monitoring customer flow between areas, you’ll also be able to see which sellers or products are most popular. Understanding which guests buy what products, at what time, and in what location, can be super useful for improving the customer experience. You can use this data to understand ongoing stock levels, clear up bottlenecks, and view useful post-event reports.
Keeps things secure
Cashless payments are an easier, more secure way to do business on-site. Staff won’t have to deal with the burden of cash handling, and the risk of theft is massively reduced. The system improves your money’s traceability, protecting your events against fraud losses and unauthorised transactions.
It’s also safer for your visitors, as they don’t have to carry wallets, purses, cards and cash with them. With the eWallet app that Nutickets provides, not only can customers top up, pay, and withdraw funds, but they can also lock and unlock their wristband if they lose it.
Finally, the logistical security of your event will be even stronger with cashless systems. The RFID technology in the wristbands also allows for smart ticketing and access control – meaning staff can check whether a customer’s eligible to enter a certain zone or VIP area.
In today’s festivals and events, cashless payment systems are no longer an emerging trend – they’re a way of life. For event organisers, implementing a cashless payment system is essential due to its faster transactions, better security, and lower costs. Plus, there are no wasteful paper receipts: a greener way to do business.
So if you’re looking to streamline your operations and improve your bottom line, why not try going cashless at your next event?
At Nutickets, we’ve helped many event organisers get cashless systems in place that delight staff and customers, including those at Magical Festival. If you’d like to explore the possibilities, get in touch and we’ll be happy to give you a demo.