Home Business News UK heading for a cashless future as over 50% of people prefer digital payment

UK heading for a cashless future as over 50% of people prefer digital payment

by LLB Finance Reporter
15th Sep 23 5:15 am

According to Embed, in UK alone, more than 50% of consumers are already paying with digital wallets – a third of which use them to store their tickets or loyalty cards.

For a region rich with heritage including the use of physical currencies, Europe is slowly embracing the cashless norm. In a 2023 study, the European Central Bank finds that while cash remains the most frequently used mode of payment in the region, 55% of surveyed consumers prefer using card or other cashless means to pay mainly because of convenience, not having to leave the house with bulky wallets.

22% still prefer cash as it’s easier to keep track of expenses while maintaining their finances private.

Embed, the ultimate cloud-based, cashless solutions provider for the amusement, entertainment, and leisure industries, is armed with SaaS solutions to bridge this gap and gear customers toward success.

“The Europe market is ripe to make the full transition from traditional to cashless modes of payment,” says Renee Welsh, CEO at Embed. “We are lucky to be at the forefront of this opportunity, to be trusted by the biggest players in Europe like Faro Games, Veltmeijer Group, Funstation UK, Planet Arcade, and more, and to cater to customers anytime with our partnership with Bandai Namco, UK. Our SaaS solutions are designed to seamlessly transition customers to the cashless era to provide a superior guest experience at their venues, dramatically improving their bottom line and lowering costs at the same time.”

Embed team will be present at IAAPA Expo Europe from 26 to 28 September at the Messe Wien Exhibition & Congress Center in Vienna, Austria. For the full trade show schedule, click here.

Aside from Bandai Namco, Embed’s commitment to customer success is why they partner with industry leaders and tech titans like Amazon Web Services (AWS), Apple, and Google to develop their solutions, accessing these companies’ pilot technology to test how the latest innovations can be applied to FECs.

Since its launch in 2019, the Mobile Wallet is still the only non-banking, non-finance, or loyalty brand certified by Apple and Google. This virtual game card sits in a consumer’s Apple Wallet or Google Pay – with no additional app download required. This year, metric results from Embed customers highlighted the importance of SaaS solutions like the Mobile Wallet in boosting FEC revenue.

Both small and large Family Entertainment Centre (FEC) operators are showing the same average metric results with Mobile Wallet use: reload value 5x that of cash, at $50.57 average Mobile Wallet reload value – a tremendous jump from $31.95 reload value when guests use a credit card to top up their game card.

With 60% of the Mobile Wallet reloads happening offsite before the consumer enters the FEC, these performance results are transformational. Reloading on their phones protects guests from the risk of losing game cards and allows them to go big on top-ups thanks to secure mobile encryption technology.

STATS, the data visualisation dashboard developed with Amazon Web Services, is another SaaS solution designed to change the way FEC operators analyse reports. STATS continues its global streak to help operators make informed business decisions on staffing levels, scheduling, revenue forecasting, and even inventory through real-time reports. Its in-depth, dynamic visualized data reporting is built with AWS’s global cloud infrastructure for accessibility, security, and low latency.

To ensure that customers can fully maximise their Embed system, Embed gives its customers free ongoing support to go with the SaaS solutions: Embed Connect (business review sessions between customers and that includes on-demand, in-venue training), free marketing creative toolkits for them to use in their FECs, Embed Help Centre (24/7 DIY online training), and best practice sharing promotions and demand generation tactics from the best FECs in the industry.

Pushing the envelope further, Embed is set to release its Top 100 FECs list recognising the best FEC’s in the world. “These businesses vary in size and number of locations but have ONE thing in common. We’re excited to tell you what it is and who makes it to the list,” shares Sara Paz, CMO at Embed.

Aside from the award winning Mobile Wallet and STATS, Embed will perform demos of its roster of integrated hardware and software solutions such as KIOSK+ and TOOLKIT, and showcase game cards and wearable media at the show-stopping Bling Showcase.

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]