for Events and Venues
How do RFID wristbands work for event payments?
RFID wristbands allow you to set up a cashless payment system where attendees pay using a simple tap of the hand. Also known as a tap-and-pay system, this cashless payment system allows attendees to top-up credit into a digital account/event wallet and to use the RFID/NFC wristbands as a payment method. When attendees tap the wristband to a PoS, the system checks their digital balance and processes the transaction. The same principle applies to check access credentials or ticket addons; the RFID wristband allows the system to check the attendees’ digital wallet, without storing any sensitive or personal information.
RFID Wristbands with Oveit Pay
Oveit Pay is a system that combines the benefits of cashless payments and loyalty programs to create an unrivaled experience for your guests. It creates a local digital economy, where attendees pay with a simple tap of the hand, increasing the total spending by up to 30%.
The main benefits of using cashless payments for events and venues:
- Speeds up transactions
- Increases spending on-site
- Offer detailed live reports
- Reduces fraud and loses
- Adds new revenue streams
- Takes the heat of your staff
- Improves the overall Attendee Experience
How does it work?
With Oveit you can set up multiple online and physical credit top-up points, multiple vending points (including external vendors), as well as track purchases throughout your event.
When arriving on-site, attendees receive an RFID wristband. It may or may not be connected to their existing tickets, depending on the set-up of your event. The tap and pay system allows them an unfragmented experience, all vendors accepting the same innovative payment method.
Attendees don’t need to carry cash, cards, tickets, or other plastic tokens. Everything they need is connected to their wristband, including access credentials or other pre-packed benefits (addons).
Vendors can be easily onboarded into this closed-loop economy, create menus, and have instant access to live sales reports.
You, the event organizer, have a real-time overview of the customer journey. How much money are your attendees spending? What are the hot-points of your event? Any bottlenecks? Find out with just a few clicks. As a result, you are in full control.
Cashless payments set-up
There are 3 main factors for an event cashless payment system. Because we have a special section for each of them, we will just mention them here to allow an overview of the ecosystem.
Wallet – a digital account that stores the attendees’ balance and can also store addons, and access credential.
Top-up point – used to top-up credit into the event wallet.
Vendor – businesses that sell products and access to activities within the event.
Why Oveit Pay as your
cashless payment system?
The Oveit Edge Box is a proprietary hardware device operating on decentralized ledger technology and fraud detection algorithms.
Not only that our solution does not require special hardware or tricky set-ups, but it also operates as a hybrid system, meaning payments can be operated even if the internet connection is lost.
Our edge payments technology is based on locally distributed ledgers, embedded in IoT devices and secured with AI also … well, you get the point – there’s a lot of cool tech under the hood. What it boils down to is that Oveit allows you to do payments even if the internet is down, with very high numbers of transactions. It can operate in very harsh conditions and with very high numbers of visitors.
By the way – why edge? What does edge payments mean? Edge computing means data is being processed where it’s operated, at the edge of the cloud. Given that we focus on payments and we operate these through a buffer layer on location, we call the technology “edge payments”.