A win-win for all
Universal Cash is a revolutionary secure digital cash system that allows consumers to pay for items using pre-loaded value in an online or offline environment using simple mobile phones as merchant terminals.
Digital cash offers benefits of greater control for the event organizer, greater profits for the merchant and great convenience for the customer.
- Access to all transactional data. Knowing who spent what, where and when allows the organizer to fine-tune the site and facilities layout to optimize returns in the future.
- Encouraging increased turnover. Typically 35% increase in spending when moving from physical cash to digital cash.
- Managing in-house spending. For example, volunteers and staff may be paid a ‘meal allowance’. No more paper vouchers or guessing how many meals a vendor served your staff. Staff perks may be issued as a separate currency and tracked on expenditure.
Greater profits for the Merchant come from:
- Reduced Fraud. No cash to steal.
- No cash reconciliation/banking. Counting and depositing done online in an instant.
- No Credit/Debit merchant fees or returned payments.
- More time to enjoy because of shorter queues and quicker purchase transactions.
- More buying choice through unattended vending.
- More secure from physical theft (loss of cash) and identity theft (no card details needed for purchase transactions).
Universal cash is delivered as a complete system allowing consumers to load value from a bank account or credit/debit card from home or at the event location onto a contactless smart card or wristband. Auto-top capability allows automatic loading of value as funds reach a pre-set minimum. Anonymous pre-paid ‘gift cards’ may be issued to special groups such as VIPs that may be ‘topped up’ in the field if necessary.
The NFC phone based merchant terminals are capable of off-line operation so there is no disruption in the event of mobile network outage or unavailability.
A full cloud based server provides a real time access to the entire payment system by pre-authorised administrative staff.