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By Rich Handley

Cocoon In The Park Festival Boosts Revenues With RFID Cashless Payments

This past July, the Cocoon In The Park festival reports that it recorded a 39 percent increase in revenues, two years after switching to RFID cashless payments with Event Genius Pay. Such growth, calculated by using data from the festival's last non-cashless, token-based event in 2016, was achieved after organizers implemented a series of recommendations provided by Event Genius, which had analyzed data from the festival's cashless debut in 2017.

"Last year, we decided to go cashless and saw the benefits of Event Genius Pay—for fans and ourselves—immediately," said Shane Graham, Cocoon In The Park's founder and owner, in a prepared statement. "This year, by using the lessons learned from the data insights provided by the system, we were confident we could improve further."

The cashless point-of-sale system processed its four millionth payment transaction this summer, according to the company. In advance of Cocoon In The Park, ticket holders were offered the chance to plan their budgets by pre-purchasing credit—to be spent on food, beverages and merchandise—directly from the festival's website. On the day itself, fans then exchanged their entry tickets for a wristband equipped with a small RFID chip and had their pre-purchased credits loaded by workers. Customers could spend their money by tapping their wristband at any of the POS devices at the festival's bars and vendors.

"It's so easy for fans to get used to," said Chris Toich, the founder of Outback Events, which provides event production and bar operator services at Cocoon In The Park, "once they've bought their first drink holding out your wrist to pay becomes second nature and queues move quickly. There's no fumbling around for change, waiting for a card machine to connect and fewer errors."

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