Cashless 101: A guide to the RFID payment system

With the rise of digitalisation within our day-to-day lives, consumers now seek ease and convenience when making a purchase, and it seems that cashless payment methods are the perfect solution for this. It has been suggested that by 2026, only 21% of payees will be using cash to make a purchase (The Guardian), which means a whopping 79% of the public will be using cashless payment methods. If there was ever a time to go cashless, it's now, but first, let's discuss how it works. 

What is Cashless?

Well, without stating the obvious, it is making a payment without using notes or coins, but the technology which replaces this is an RFID payment system. Radio-frequency identification (RFID) is a clever technology which automatically identifies and tracks tags attached to an object, and captures the data via radio waves by using an RFID reader. By utilising this method, you can eliminate the need for costly or difficult pieces of equipment. There are several ways to utilise a cashless payment system, including token replacement, food and drink, services and passes. Keep your eyes peeled for our upcoming blog on the different uses of cashless.

Cashless is king

In this digital transition, it is essential for businesses to understand and interpret the latest technologies within their business models. Your consumer's experience should be a priority to your business, and the way in which they make transactions plays a large part in this. The latest technology trend is proving to be a global phenomenon, according to Visa, in Australia 92% of face-to-face card transactions were cashless last year. In the UK the popularity of RFID payments lies with commuters, as Transport for London (TfL) saw more than 1 billion cashless journeys since the launch. RFID payment systems have made their way into Latin America too, with 70% of POS terminals now accepting contactless payments (visa.com). Take a look at our case studies to see how our parters have implemented this technology to help streamline their payment process.

Why go cashless?

There are several benefits to adding the cashless payment method into your payment process. Firstly, we should react to consumer demands, and with the rapid growth of cashless, you should look to be at the forefront of this technology in your sector. A great feature that comes with cashless is the ability to top up before you attend events, for example if you're a festival organiser, you can provide attendees with a fully branded RFID wristband, which they can top up on your website during the ticket purchase and keep reloading at the venue. This allows your business to generate cash flow before the event has started. 

One of the biggest nuisances for most of us is queuing - well, you can eliminate the hassle by using the cashless wristbands and the RFID reader. With this people can enter your event with a simple tap and go, reducing queuing times and increasing spending by 30%. Along with this comes staff efficiency, with no cash to handle and just a reader needed, your event staff will breeze through the payment process with ease. Using the Nutickets cashless system also allows you to gain insight into your customers spending habits, as this is stored in an easy-to-read analytics page in your account - so you can optimise your next event and enhance user experiences after reviewing customer insights.