Over the last five years live events have transitioned away from cash towards contactless payments such as Tap to Pay or for many festivals, RFID wristband payments. Over the last two years the acceptance of moving away from cash has grown at a faster rate from covid protocols that were put in place to events deciding to be fully cashless to get rid of the hassle and additional safety concerns it brings.
Looking for a cashless payment system? Learn more about atVenu Register.
Cashless payments varies in definition based on who you may ask so we take into account all the possible options in this post to share how Tap to Pay, Apple Pay & Android Pay, credit cards, and one of the fastest growing in popularity for festivals: RFID wristbands.
Over the last few years the percentage of cashless payments at festivals has grown from 65% to 92% while at venues it has grown from 61% to 93%. With festivals the largest growth area has been from RFID wristbands with festivals who have that as a payment option see, on average, 41% of transactions coming from that form of payment.
What are some of the benefits to cashless payments?
Better Fan Experience & Faster Transaction Times
No more rummaging in bags or wallets, counting cash or waiting for slow debit and credit processing. Attendees simply scan their wrist and they’re on their way. Additionally, attendees don’t have to worry about lost or stolen wallets. Every attendees’ wristband contains a unique QR code and is completely secure.
Knowing Your Fans
With cashless transactions you will be able to have detailed transaction data to know top selling items, trends on peak purchase behavior by location, vendor and item for each customer. Being able to see each fan's spending behavior and habits throughout your event you get invaluable insights to help maximize revenue and know what your fans want.
RFID Wristbands Can Add Promos or Discounts For Marketing And Promotional Opportunities
Want the ability to give the first 1,000 fans a $10 discount at the festival? Or you have specific promotions by ticket type or a credit card sponsor that you need to track? atVenu Register not only takes wristband payments but it is quick and simple to set up promotions, discounts, or even vouchers based on what your event entails. When determining sponsors for your event or how to maximize revenue, RFID wristbands give you the opportunity to instantly provide promotions and discounts as desired to fans to push them to spend more.
What is the biggest hesitation with having your venue, event or festival going cashless?
What happens if the network goes down? is there a chance you won't be able to take payments? With atVenu, not that isn't an issue. Cash is something that can be taken at any time and historically has always been something that was a safe fallback in case you had poor WiFi or cellular connection. atVenu Register can take all forms of payment without needing a connection so whether you are in the middle of a fairgrounds in the middle of nowhere or in a stadium filled with tens of thousands of people and connection is spotty at best, you can take the fans payment regardless of what type it is. The fan experience is important, down to making their transactions for food, beverages, or merchandise as quick and painless as possible.
Frequently Asked Questions About Cashless Payments
- What payment types are included under 'cashless'? Tap to Pay, Apple Pay, Android Pay, Google Pay, credit cards, and RFID wristband payments are all forms of cashless payments by definition. Predominantly when cashless is talked about it refers to Tap to Pay/Android Pay/Google Pay/Apple Pay/RFID Wristbands.
- What live events use cashless payments the most? Since 2019 we have seen all areas of live events grow in percentage of cashless payments. Concerts and festivals have an extremely high percentage of overall sales being cashless in 2022 from fans not wanting to deal with cash due to ease of use and for health reasons, many venues and festivals are starting to go cashless altogether. Over 90% of transactions in 2022 concerts and festivals have been cashless.
- Do most point of sale companies take RFID wristband payments? No, they don't. Only a few point of sale companies offer the ability to not only take cash, credit cards and other forms of cashless payments, but can also take RFID wristband payments as well. atVenu Register is one of the few point of sale's that can take all payment types.
- What happens if you don't have internet? Can customers even use their cashless payment options or do they have to switch to cash? atVenu Register can take all payment methods if you have good, poor, or no internet connectivity. Want to learn more about atVenu Register's Offline Mode functionality and why it is trusted at some of the largest festivals in the country? Click Here
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