Benefits of RFID Wristbands for Events’ Hosts

RFID, 22 October

By Ethan Dean

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 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.

RFID is short for Radio Frequency Identification. RFID is being used for events through wristbands with an electronic chip and when participants, guests, and fans scan the chip, they pay for their tickets, drinks, and food immediately. RFID events are beneficial for both businesses and clients as a customer won’t need to run and withdraw money from the ATM. Read on!

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.  

Faster Transactions 

If you want to speed up your transactions, then implementing a cashless payment system at your event is unrivaled. 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

Avoid Fraud 

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 are a safe and secure way to reduce fraud at your events. For instance, if your guests have 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 wristbands or reactivate if found again. 

Profitable for Businesses 

RFID wristbands 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). 

Final Words 

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 Dean - About Author

‏‏‎ ‎Sharing all the latest news, tips and trends from Nutickets

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