Could Cashless Events Convince Europeans Cash Is Dead?

What's Next In Payments®
2:33 PM EDT November 15th, 2012

Music festivals are usually known for music, but also for unending queues for ATMs, bars, food. South Africa-based mobile payments provider GustPay wants to change all this. GustPay has introduced a new product called Event Intelligence, which allows organizers to create a cashless and interactive event.

   

GustPay trialed this experience at European festivals where their NFC-ebabled payment wristbands proved successful. The startup has also organized two major cashless events in South Africa to celebrate the launch of their products. The Grim Furdango events grouped students and locals from Stellenbosch for a night of music and cashless payments. Attendees were allowed to pay with their smartphones using the GustPay app or with a NFC-enabled wristband. Wristbands are also used at the door to control entry and to interact on social networks. The tags are linked to TrustFabric profiles and can be reused for future events.

Their wristband can be loaded with cards and cash and seamlessly connect with the user’s profile. “People love the idea of just paying with a wristband and not bothering with a wallet at parties. They want quick and easy event entry, fast bar service and they like the fun elements we’ve built around social media,” says Joe Botha, one of the founders.

GustPay provides mobile payments solutions and is available widely in South Africa. Their cashless events serve as a way to fully showcase their products. With NFC and mobile wallets struggling to make their mark in the European market, could these events convince customers that the future can be cashless?

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