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Ann WilkinsonJan 22, 2021 9:16:55 AM4 min read

The Cashless Payments Guide: Everything You Need to Know

We’re pleased to announce that we’ve published a free Cashless Payments Guide. If you’re considering going cashless or you just want to know more about cashless payments and the pros and cons of different solutions, then this guide is for you. Just click on the link to download the full guide now. Here’s an excerpt:

Times have changed. When fans return to your venue or event, they are going to be thinking about things that would never have been a huge priority last year. The sports, entertainment and live events space around the globe has seen a huge increase in interest around payment systems that can minimise the spread of COVID-19 and reassure fans and staff that they can return to large events without worrying about their health or the spread of disease.

63% of fans have increased event health and safety concerns, and 66% of fans are more worried about venue hygiene. Whilst temperature checks and sanitiser stations are helpful, they are only a start to the amount of solutions that should be implemented to keep people safe, and putting contactless payments in place is one of the many effective ways to keep the spread of disease at bay. Often in the face of huge adversity comes the greatest opportunity for innovation.

Cashless – so many choices

In this white paper we summarise the cashless options available and the pros and cons of each system. This will help you make  the right decision for your fans, staff and your business. In its purest form, ‘cashless’ simply means no cash. However, deciding to go cashless is only the first step as there are so many options available.

In our brand new Cashless Payments guide we introduce the main options for taking your venue or event cashless. You can download the Cashless Payments guide here for a detailed market analysis, a breakdown of the pros and cons of each cashless option and a quick reference comparison table. Read on for a quick summary of the range of cashless solutions available.

What are contactless payments?

Cashless means having no cash transactions. Contactless, on the other hand, covers many different options  Each solution has pros and cons –  remember, not all contactless payment options are created equally!

The contactless options that are available are as follows:

  1. Contactless bank cards

This is now a common way for businesses to adopt cashless payments. Contactless bank cards are increasingly popular around the world.

2. Cashless RFID systems

RFID is short for Radio Frequency Identification. This is possibly (with the exception of tokens), the first evolution of closed loop cashless technology. Most commonly, RFID is used for venues and events through wristbands with an electronic chip and when participants, guests, and fans scan the chip, they pay for their drinks, food and merch immediately.  

More about cashless RFID payments:

3. Mobile Pay / Digital Wallet

Mobile payment solutions are often described as an Ewallet, digital wallet, online wallet or mobile wallet. There are many names, but they all mean the same thing – mobile payment solutions enable you to pay for purchases using a smartphone.

  • The number of payments made via a smartphone has increased dramatically in recent years, and it’s predicted that mobile payments will be the second most common payment method after debit cards by 2022. Mobile transactions are rapidly on the increase, and are driven in the main by Generation Z and who have readily adopted this technology. 

Further resources:

4. Hybrid model

Multi-purpose venues & the 365 model.

It may be that there is not one type of cashless solution that fits all for your venue, for your events and most importantly, your fans. It may be that you need to choose different solutions that cater specifically for festivals, one-off concerts, drop in customers and season ticket holders. Potentially, your app may still be in development, so it does not attract the right level of users.

Choosing a hybrid cashless solution is particularly advantageous for venues who are looking to host events for different demographics across the year eg. a 365 venue model.  For example, a football stadium may host summer concerts. The summer concerts attract a new audience who have potential to convert into football fans – yet venue owners have no understanding of who they are, their spending habits and how to engage them in the long run.

More information on cashless payments:

If you’d like to get the full comparison of all cashless payment solutions in one easily digestible pdf, then download our Cashless Payments Guide now!

Back to: The beginners guide to cashless payments