The top 5 reasons to go cashless in 2019

We are no longer transitioning into a cashless society, but are fully immersed into it now. In 2019, one in ten adults are now leading a largely cashless life, with 25-34 year olds at more than one in six adults (The Guardian). The event industry has been at the forefront of adapting the RFID technology shown by the increase of cashless events across the globe. However, it hasn’t been taken on board by all just yet. If you was questioning whether you should make your next event cashless, here’s why you should.

1. Increase spend

Having a cashless payment system at your event can increase customer spend by up to 30% across beverage and merchandise stalls within your venue. It is said to be a psychological factor that customers are more likely to spend money when then aren’t handing over cash or swiping their debit/credit card, meaning you are more likely to increase sales by providing attendees with an RFID wristband.

2. Reduce queuing

Using a cashless event system can be a great help in reducing waiting times at your events. The speedy tap and go mechanism means each transaction is processed much quicker than using cash or even a pin-required card. As well as beverage and merchandise stands, you can also implement RFID access control to reduce queuing for the entry of your event venue and the quicker your attendees can enter, the sooner they can spend.

3. Reporting data and insights

The digital payment solution allows you to gain great insight on your attendee’s shopping habits. You can see who your most valuable customers are as well as identify the best performing stalls and products at your event. Each transaction is recorded digitally and automatically which leaves minimal room for manual error, meaning analysis is easy and quick to conduct.

4. Improve security

You can instantly make your events more secure by using a cashless system. With no need to bring your card or cash, attendees can feel less concerned about these items getting lost or stolen. In addition, event staff don’t need to worry about the cash being lost or stolen from the cash register. It is also extremely difficult to replicate an RFID device, therefore making it hard for people to fraudulently spend other attendees money.

5. Reduce staffing costs

With the use of RFID cashless payments you have the opportunity to cut down on the staff required to serve customers. Instead of needing a staff member present for ticket payment scanning or purchasing beverages/merchandise, a simple scan of an RFID reader can quickly complete these transactions. Event staff have the option of using their mobile and downloading the Nutickets Casless app, or using a Famoco device - both are quick and efficient in scanning attendees wristbands.