How sports and large scale events need to overhaul their payments systems to bring fans back to stadiums safely.
Covid-19 has accelerated the move to cashless systems across the world. Working with sports and entertainment venues and events around the globe and particularly in the USA, we have seen a huge increase in interest around payment systems that can minimise spread of Covid, and reassure fans and staff. 63% of fans have increased event health and safety concerns, and 66% of fans are more worried about venue hygiene. Often in the face of huge adversity comes the greatest opportunity for innovation. However, purely focusing on Covid as a determining factor in choosing a payment solution is short-sighted.
If organisations choose their cashless solution correctly, not only can they minimise the risk of Covid, but more fundamentally, they can ensure the sustainability of their business. The right solution not only provides contactless payment capabilities but also data and insights. This data delivers operational efficiencies, increases customer spending and most importantly, enables a full view of each and every fan – their spending and behaviours before, during and after the event. We have seen enquiries about our white-label cashless solutions skyrocket in the last couple of months.
And this is where the true value lies. Purely by going ‘contactless’ (i.e. using a bank to deliver your payment) rather than seeking out ‘cashless’ solutions (yes, there is a difference!) that give businesses control of their systems, organisations lose out on the incredibly valuable data. Our advice is to really consider the full suite of benefits available from a cashless payment solution. Which solution not only addresses the Covid but also helps support your business in the long run?
Quick fixes like reverse ATMs and protective gloves solve the immediate consumer concerns, but even contactless card payments – which require strategic and commercial consideration will simply not provide the data to empower your organisation to become even more successful. Once Covid becomes a lower priority for customers, what other benefits will your payment option provide? The decision needs to be made wisely.