A growing number of companies, businesses, and events have stopped accepting cash payments. Research shows that cashless payments provide a much better customer experience. Not only are these faster and easier, but they also reduce waiting times, especially for companies that host live events.
If you host events regularly, you’re probably already using a conventional cashless payment system. However, one of the newest methods of cashless payments is using RFID wristbands. RFID, short for Radio Frequency Identification, is a cutting-edge technology that is becoming more popular in the event planning industry. For example, in the U.S, UK, Canada, and other countries, theme parks, music festivals, and sports centres are frequently using RFID wristbands.
How is RFID being used at events?
RFID is being used for events through wristbands with electronic RFID chips, to control entry and access and to take cashless payments. RFID wristbands can hold ticket details, and payment data which allows attendees to scan their tickets for entry, and pay for drinks, and food onsite. RFID is perfect for festivals and events because it offers a quick, secure and digital alternative to traditional methods.
Benefits of RFID for Events
Many businesses around the world are still using the conventional payment method, which can lead to a wide range of issues, such as fraud, mismanagement, disorganization, decreased reliability, and low customer satisfaction. So, before you decide using RFID wristbands for your live event is a bad idea, you must know the benefits of RFID wristbands.
If you want to speed up your transactions, then implementing a cashless payment system at your event is unrivalled. Research shows that more and more customers prefer cashless payments, and why not, they’re 63% faster than payment in cash. When it comes to hosting a live event, you can cut down on lines and improve your guest experience through RFID wristbands
Recent financial security reports highlight that there were over 1.7 million fraud cases in 2019. Of the total cases, only 23% of cases were about the loss of money. The rest of the cases was about fraud and theft. That’s why cashless payments are becoming increasingly more popular these days.
RFID wristbands for events are a safe and secure way to reduce fraud. For instance, if your guests have rfid event wristbands, they won’t carry a lot of physical cash. It means thieves and pickpockets won’t have anything to steal. Keep in mind RFID technology is highly secure, event organisers have the ability to deactivate lost rfid wristbands or reactivate if found again.
Profitable for Businesses
RFID wristbands for events are not only helpful for consumers but they are also beneficial for business in terms of revenue generation. RFID events can generate more revenue than regular events that use the cash system for tickets, food, drinks, etc.
Research shows that on average, a person makes a 30% higher transaction with a cashless payment system. So, when you host an event where participants have RFID wristbands, they will feel more secure about their money and tend to spend more impulse.
Store and Organize Data
When you use a cashless payment system (Digital system), you can collect more information on your guests or customers. For instance, you can easily organise data to see the number of people attending the event, the average number of transactions, and the most purchased items on the event. Using this data, you can plan your next event in an organized way that will yield a higher return on investment (ROI).
Organising an event is a daunting task for many businesses, companies, and groups. It becomes extremely difficult to manage guests or crowds, especially when they are rushing to buy tickets. If you’re considering RFID for events we can help! Contact our team to discuss our cashless solutions and event technology. Book a free product demo
Ethan - About Author
Sharing all the latest news, tips and trends from Nutickets
How RFID Ticketing Technology Can Fast-Track Your Event ...
21 November, RFID
How RFID is being used as a Ticketing, Access Control and Cashless System for events around the world. We’ll explain how it all works, and how you can make use of it.