Within three years implementing cashless payment technology in more than 200 events and festivals, Weezevent has brought out 15 Key Statistics about cashless.
This study will convince you that the cashless effect has just begun !
Fact 1: Cashless Payment is a solution already adopted
The average amount of a top-up is up to $42 compared to $35 in 2016. Note that the amount of on-line top-ups is generally $20 higher than those made on-site.
A cashless top-up accompanies 20% of tickets purchased online. This rate can go up to 40% on some events. It gives more purchasing power to participants (a top-up made when purchasing tickets, several months in advance, is painless and has been absorbed by the day of the event, giving visitors the opportunity to spend more on-site).
Fact 2: A better attendee’s experience as well as organizer’s
Less staff needed compared to a traditional POS system as we count 120 orders per hour, per seller. Meaning, that the processing time for an order is 30 seconds at peak periods. Less waiting, more fun at the event !
$22 average spend per participant, per day. For sure, cashless solutions promote increased spending through simplicity and speed of use. It can go up to $32 per attendee on some events. And 6% of revenues remains unclaimed after refunds, this figure is relatively stable over the last three years.
60 top-ups per hour, per cashier. This figure tends to drop as the share of online top-up is growing (80% of online top-up are less than three days before the event). Attendees understand that topping-up online avoids queuing on-site.
Fact 3: Cahsless transactions are optimizing organization
65% of events have chosen NFC wristband more practical, offers a cheaper solution and with access control (compared to 60% of events that had chosen NFC cards in 2016). For permanent installations (clubs, parks, etc.) NFC cards are still the favoured solution and work well when combining cross-selling and upgrades such as memberships.
68% of events deliver the cashless tag during access control. There are multiple ways of providing the NFC tag (access control, banks, at specific location, …) but the majority of events have chosen to do the pairing process during access control in order to streamline attendee’s experience and reduce waiting time.
Fact 4: Cashless for events is a promising solution
44% of events use cashless to highlight a partner. 28% of events have added the logo of a sponsor to their NFC tag while 16% of them have integrated a sponsor in their cashless offer (mobile payment partner, brand activation).
Cashless payment solutions are a hugely promising innovation. There is a lot to come with brand activation and new ways to interact with attendees on an event, it’s just the beginning ! We look forward to it !