Event Tech Strategy, Insights & Trends.

CASHLESS PAYMENTS + THE EVENT BUDGET: What EventProfs Need To Know

This post was written by etouches partner Boomset, event guest list & conference check-in app

Today’s event professionals have revolutionized events as we know it by implementing different strategies, trends, and technologies, such as going paperless. From registration to post-event data reporting, digitalizing and using mobile event management also happens to be one of the biggest trends predicted for 2016, along with using RFID and beacons as event technologies.

Printable name tags are being converted into RFID badges and wristbands that function via beacon, making communication at events more efficient by sending mobile notifications and data faster to attendees and event management staff. In order to keep up with the cashless payment trends at your events, it’s important to understand their previous and current roles in society as a whole. Read on to take a deeper look into the history, benefits, hinders, and how to fit cashless payments into your event budget.


Data. Security. Numbers.

While these figures (along with others) play a prominent role in our everyday life, it’s pretty important to understand how they work with finances. Being a more digital society is one thing, but the world seems to be heading the cashless route. The word “cashless” may have a negative connotation on its own to some (No one wants to end up without cash!), but it also creates an innovative harmony when paired with the word “payment.” But how?

As society heads towards a mobile future, cashless payment trends are on the rise — and have been for quite some time in Europe. Denmark is a great example of this, aiming to become a completely cashless country: no paper, no coins, and creating a program called MobilePay. Another example within the same region: Scandinavians use cash for just about 6% of all payments made.

Time Traveling Tech

The idea behind RFID cashless payment technology emerged some time ago, becoming a stronger, more popular topic in the event industry as of 2014:

Currently, there are many benefits to going cashless, which include:

Nonetheless, some are still hesitant in its implementation. For starters, the overall security and confidence using the technology: users are afraid of fraud and overspending.  However, with features such as touch ID and authentication from banks, each and every transaction passes through very secure measures. In the end, the security and confidence myth is debunked among the Millennials, a crowd that feels they’d actually spend more using physical cash, and there’s no minimum to spend, unlike using a credit card.

Budgeting the ‘Cashless’ Way

Before factoring cashless payment technology into your event budget, some tips to keep in mind:

  1. This innovative event technology — like many mobile event management apps and platforms — requires network connectivity via:
    1. A hardware supplier for devices (Note: It might be better to rent or buy, depending on your event needs!)
    2. A communication network for data transmission. (Think WiFi, hotspots, etc.)
  2. You’ll need to provide training staff to use it, especially in the event a refund must be issued. Factor in training hours and wages, and also consider cross-training using your current experienced or knowledgable staff members.
  3. Opt to set a budget within the cashless payment system for food, drinks, etc. Attendees can select their budget or the event organizer can create a maximum amount so guests feel safer they won’t be sucking their accounts dry.

Daily life — along with the events that are part of it– is going mobile, and cashless payments are here to stay. Integrating this form of currency with tools and apps are going to make event planning even more efficient and effective.

registerWant to get ahead of the event industry trends in 2016? Don’t miss our webinar with etouches January 27th, where you’ll learn even more about cashless payments. Listen in on how events are using cashless payments today and how this dynamic technology is changing the future of events both in the US and Europe. 

 

kerem_boomset

Kerem Baran is co-founder and CEO of Boomset. A pioneer in the event tech industry, he is focused on maintaining the efficiency and effectiveness of event and conference management apps. He has also worked internationally alongside many of the greatest event production teams across the US, Turkey, and throughout various parts of Europe. Connect with him at kerem@boomset.com.

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