Why Festivals Should Embrace Cashless Payments: 5 Key Benefits

My festival experience was fantastic but not without its challenges… the music and food were AMAZING but the torrential rain and long queues were not enjoyable. After dancing away for a few hours, I was desperate for a drink and something to eat . Once I arrived I saw the dreaded signs ‘CASH ONLY’. With only my debit card, I traipsed across a crowded, muddy field to find the cash machine, which charged me a fee for using. Once I had found somewhere safe to store my cash and had finally arrived back at the drinks tent, I queued for over 40-minutes and missed a chunk of the festival.

So why should events implement a cashless payment solution?

1. Increased spending – up to 20%

Research has shown that reducing queues and improving the overall customer experience and increases spending per head of up to 20%. As a result of reduced queues, improved experience and the psychological benefit of swiping a card as opposed to handing over cash.

2. Happier customers

Improved customer satisfaction rates with shorter wait times and more time to enjoy the event.

3. Reduced Queues and faster entry times

Implementing an RFID-based cashless system eliminates the endless wait times often associated with large events, or at the very least reducing them to a minimum.

4. Better security

Cashless Payment Systems eradicate the need for cash on site making it safer during and after the event. Attendees can also enjoy the event without worrying about lost/stolen wallets.

5. Better data and insights

Data is an incredibly powerful tool to optimise events in real-time. At a cashless event, every transaction and ticket can be tracked in a single system, which is also simultaneously keeping track of your capacity, inventory and other crucial data points. Helping you to solve bottlenecks and identify new opportunities.

Talk to our team of experts today who can support you in making your event cashless:

T: 01706 318110 or E: sales@iothorizon.com