Contactless is now the leading payment method in everyday life, much to the glee of the banking sector that controls and feeds off it, but live events have a much more powerful – and lucrative – alternative available to them.
NFC technology allows smart event owners to run their own ‘closed loop’ financial eco-system, which leaves the banks outside the front gates and gives the event full and direct ownership of every payment transaction taking place on site, with no middlemen siphoning off the data and charging a commission.
Benefits are concentrated with the event and its visitors rather than a third-party financial institution that has not shared any of the promoter’s risk in putting on the event.
- Greater spend per head: UK festivals last year reported a 24% increase in bar spend per head as a result of going fully cashless with PlayPass.
- Higher customer satisfaction: 92% of visitors surveyed by Standon Calling, the UK’s first ever music festival to go cashless, find PlayPass easier and more convenient than other payment methods, and 89% would prefer not to bring any cash or cards to an event.
- Visibility and ownership of all transactional data: More event owners recognise the importance of data and claiming ownership of transactional insights will pay dividends, particularly in establishing fairer deals with traders and concessions.
- Increased efficiencies and reduced costs: From validating tickets to staffing a bar, a scanner device is significantly quicker than a person, eliminates theft and human error and gives average savings of 4% compared to non-cashless events. Unlike contactless, PlayPass’s NFC system works fully offline by writing to the chip.
- Reduced crime and better security: A lost NFC tag can be replaced on site in seconds with the balance intact. Traders, who often employ unknown casual staff, don’t have to worry about theft from the cash register. Event organisers no longer need to worry about forged tickets or passes.
- Improved sustainability: PlayPass’s NFC payment system has a lot of powerful, automated features designed to streamline on-site recycling initiatives, account for carbon travel costs and reward visitors for ecologically minded behaviour.
- Drives pre–event upsells and earlybird ticket sales: Eventgoers can purchase items pre-event or give post-event options to convert unspent funds into a down payment on next year’s ticket, keeping the money in the event’s pot whilst providing value to the customer.
- Traders prefer it: Cashless gets traders’ thumbs up, due to higher-spending crowds, the elimination of cash management, no risk of theft and automated reconciliation contributing to improved festival experience… and profit.
- Better for cash flow: Events that offer pre-loading capabilities benefit from receiving this revenue before the event has started. UK festivals working with PlayPass receive around 80% of their total food and beverage revenue ahead of the event.
- A haven from a bank-controlled world: Festival culture has always been synonymous with escaping from the real world – owning your data and transactions promotes independence and freedom.
The world over, progressive event brands are now embracing PlayPass’s NFC cashless solutions and taking control of their on-site economies without a backward glance.
For more information about taking control of your event’s financial ecosystem with a closed-loop NFC payment solution, visit the PlayPass website.
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