Is 'cashless' the future of African events?
Updated: Jun 21, 2022
With the acceleration of Digital, we are heading into an age where it’s becoming pointless to move around with cash and the adoption of cashless systems has increased.
Cashless transactions like online payments, swiping and payment apps are important examples, but more efforts are being made to incorporate such systems at larger entertainment events across Africa.
An article on Business Live(South Africa), mentioned that in the next three to five years, events will no longer accept cash at event, however, more education is necessary to teach people about the benefits of cashless environments, because some will be reluctant to make the switch from traditional cash payments. Those implementing cashless systems need to make sure that their service is robust and user-friendly.
In Namibia, events are starting to experiment with cashless environments or using your smartphone to complete transactions and not having to carry cash or even your bank card around. Using them at events saves one from slow queues, being overcharged by vendors or general theft, it has environmental benefits because we save on paper and insightful consumer behaviour data can be gathered from these cashless transactions — ultimately benefitting the Consumer Experience (CX).
When it comes to events, some companies allow patrons to upload money onto radio- frequency identification (RFI) or Near Field Communication (NFC) wristbands or pay a small fee for cards where they can load their money and use that card to transact at different stalls within the venue. In some cases, events make use of applications as well where one can scan a code and to make a payment or pay the vendor already listed on the application.
With ATMs that tend to not be available or jammed at big events, cashless options allow for a smoother and more secure Customer Experience. If you are worried about money leftover on your card, you can easily cash-out at the venue or have your money transferred to your bank account. Given the fact that ATMS might be hard to come by, cashless top-up stations will allow you to swipe money from your card on to the wristbands or cards, in some cases, top-ups are allowed before the event.
Vendors who implement cashless strategies can gain useful information about their customers and can even find out who their repeat buyers are and do not have to suffer cash being stolen from them.
For event organisers, finding out who the top selling vendors and items for sale are, can suggest how to make improvements for their future events. They can see where they were lacking to make improvements and what to cut back on based on the sales information. Cashless systems can also inform event organisers about consumer behaviour in terms of when attendees are using their wristband or card and when which of the vendors is most busy. Companies and Brands in the Digital Age can use that information to increase consumer loyalty and work towards constantly improving their Customer Experience.
Contact the V5 Digital Team and turn your next event #cashless.