First-time visitors to the largest music festivals in Europe are often surprised to discover the events run on their own currency: instead of euros and dollars, guests exclusively use ‘Pearls’ or ‘Gems’ through the use of their RFID wristbands.
While this can take some getting used to, it means that despite having guests flock to the festival from the four corners of the world, there’s a single currency and a single price tag for everything.
Want to introduce virtual currencies or tokens at your events? We’ve got some great news! You can now combine all the advantages of having your own event currency with cashless, contactless payments.
How does it work?
Similarly to every other feature in Token, support for virtual currencies is designed to minimise hassle, streamline your set up and let you focus on running an awesome event.
Here’s how it will go down:
- Set-up your online portal or on-site top ups.
- Choose which real currencies you want to accept (USD, AUD, EUR, etc.) and the ‘exchange rate’ for purchasing your event’s virtual currency. E.g. $10USD may equate to 2 gems.
- At the event, patrons buy food and drinks using the credits they’ve purchased by tapping their wristbands or cards at vendors. Should they need to check their balance, or add more funds to their wristband they can do this through our online portal, or via one of the top-up stations on-site.
- After the event, all transactions are logged and reported back to you, so sorting out the finances is a breeze!
Why virtual currencies?
Since bar sales are the financial lifeblood of most music festivals, the importance of encouraging bar sales needs no introduction. Using a virtual currency at your event is an excellent way of doing just that, and is likely to get people spending more on not only drinks, but food and merchandise.
Why? Because separation from traditional payment methods has a distinct psychological effect on consumers. When guests don’t see the dollar price of their purchases, but instead calculate it in pearls or gems, the expense doesn’t feel quite as ‘real’ – which makes it easier for them to buy more.
Alleviate currency exchange headaches
As anyone who’s ever run a large international festival will tell you, currency exchanges are one thing you do not want to deal with on the day of your event (in addition to the million other tasks you’re juggling).
With patrons carrying everything from the US dollar to the Danish krone, you’re bound to have issues: accepting many forms of currency means having to deal with large amounts of cash for change money, while being overly-restrictive will lead to frustrated patrons stuck with wallets full of krones and no means to buy a beer.
Using a virtual currency removes this headache – you can accept a whole range of different currencies at a single location (or better yet, via an online portal), while at the event everyone will be using the same coin at vendors. With no fumbling to provide correct change, much less different currencies, the result is less lines and less frustration for all involved.
Lest we forget that having a single currency, especially one that’s completely digital, makes financial reconciliation with vendors at the end of the event way easier – each purchase is electronically tracked, leaving much less room for mistakes and misunderstandings.
We’ve already written about the advantages of cashless payments, so go check out that article to learn more!