Closed Loop Payments

Closed loop cashless payments

Overview

Payments are a significant pain point for many events and festivals. If the organizers accept open-loop credit card payments, many expensive payment terminals must be acquired and transaction fees will invariably cut heavily into profits. If an event is instead cash-only or uses redeemable tickets, these disadvantages can be reduced; however, taking this approach forces the event-goers to carry around large amounts of change or tickets, which can reduce attendee’s interest in making further purchases. Additionally, if a ticketed event has multiple different vendors providing goods, tickets must be collected afterwards and tallied, an error-prone and time-consuming process.

By using an NFC smartcard as the attendee’s digital wallet, the whole process can be computerized so that “ticket counting” is an automatic process and attendees will no longer be disincentivized from making purchases by the irritation of carrying around cash/tickets. More complex systems can also remove the top-up bottleneck by allowing the attendees to top-up from an internet-connected device such as their mobile phone. If you are considering deploying a cashless payment system, feel free to contact us for further information on how TapTrack can assist you.

Cashless Payments Demo

Thinking about cashless payments, but not sure how it would work in practise? TapTrack has created a demo of a simple cashless payments system available as an Android app on the Play store. This demo application uses a internal database of mock menu items and virtual in-memory NFC cards to provide the easiest demo application. Note that NFC tags still need to be tapped just like with a full cashless payments system, but nothing will be written to them, so any tag(s) you have may be used. This also means that the virtual tags’ balances will not be persisted if the application is restarted, so if you wish to repeat a demo from scratch, the app can merely be restarted.

Get it on Google Play