Making Cents of Cashless webinar. Answers to the big questions.

The big questions about going cashless.

As part of our webinar with Sports Business Journal, we obviously wanted to answer your big questions around cashless. If you missed the webinar, but would like to see it – it’s still available online here. From several hundred attendees – there were a few questions, that kept being raised – so we thought it was worth a quick blog.

1. What if fans aren’t ready or don’t have a mobile phone?

The answer is simple, if you want to go cashless, there will be a solution for your events or venue. We will work with you to find the one that is best suited to your fan demographic and location.

Firstly, if you choose RFID cashless technology – then a mobile phone is not necessary. We have some more details around the benefits of this solution here. 

Secondly, if you are contemplating a mobile pay solution, then it is important to realise that smartphone penetration is growing at an incredibly rapid rate. At  beginning of 2019, 81% of Americans had a smartphone. It is expected that by 2023 – 285 million Americans will have a smartphone, and these predictions were made before the advent of Covid-19. 

Because Tappit offers a selection of cashless solutions, we work with you to find the option that is right for you and your fans. If you start with the RFID option you can move to white-label mobile pay. You can choose to move to cashless gradually and support your fans, or you can choose to make a fast change that takes everyone cashless in one go. 

Either way, communication and education (for fans and staff) is vital. Tappit will support you every step of the way. We’re not just cashless experts, we are passionate about sports and entertainment and will provide full communications and operational support – so that the move to cashless is as successful as possible. 

2. Who owns the data and how can it be used?

The simple fact is that if you partner with a bank, and use contactless cards or mobile payments – then the banks will get the data. If you go cashless using white-label mobile pay or RFID – then YOU will get the data. More importantly, with Tappit, you get a whole real-time reporting and insights dashboard – as well as our expertise to ensure you make the most of the data you get. 

3. What are the benefits for fans of going cashless?

At Tappit, we are completely focussed on the fan experience. We believe that if you make the fan experience incredible – then you will have an incredibly loyal and engaged fan. This in turn will make your business even more successful. More on the power of engagement, here.

Obviously, there are huge benefits for going cashless as a fan, which include:

  1. Less to carry, less to lose
  2. Less time queuing
  3. Faster transactions
  4. Reduced risk of COVID transmission

But most importantly,  there are the deeper benefits of going cashless, which are all around the data you get from working with Tappit.

This is where things get exciting. The data and insights you get from going cashless mean that you can understand each and every fan. By integrating the cashless data with all your other sources – e.g. your parking, your ticketing, your CRM etc you can gain a complete view of everyone who comes into your event.

Even better, because you understand what they do at your venue, what they buy, what their preferences are – you can create a tailored experience for each fan. This doesn’t just enhance their experience, it also will have a hugely positive effect on your bottom line.

4. What is the future of cashless and the impact of COVID-19?

We have seen an exponential increase in interest in going cashless, because nobody wants to touch cash, PIN pads, pens, payment terminals. This is now accelerating at an incredible rate.  As Tech HQ stated, “the current climate is another case for a cashless future”.  We are proud to be part of the solution that will help get fans back to events. We have more info on how our solution supports this, here. 

5. What about hawkers and cashless?

Quite simply, if you are using mobile pay or cashless RFID, you can provide hawkers with payment tech. More importantly, going cashless reduces the risk of theft and fraud (as no money can be lost or stolen) and you can incentivise and track the performance of your hawkers. For some events we’ve worked on, the best performing hawkers won some fantastic prizes – which ended up having an incredible effect on the sales at the event. 

If you would like to find out more about cashless or for us to answer any questions that you have – please get in touch, either fill in this form or email us at marketing@tappit.com. We’d love to hear from you.

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