State fair goes completely cashless
June 14, 2013

Local fairs and merchants who sell products or services at outdoor venues have begun implementing electronic payment solutions, such as mobile credit card payments, to boost sales and consumers satisfaction. But the Colorado State Fair is set to go one step further - it will be entirely cashless - and it is the first event of its kind to do so.

Fairgoers will use plastic
According to a local NPR affiliate KUNC, all vendors at the state fair will only be able to accept a event-specific prepaid card. Fairgoers will be required to purchase a smart card, or a cashless form of payment that can be reloaded, at the entrances for $1.00. After doing so, consumers will be able to keep the cards for five years and renew them annually by adding money. While the news source reported the fair will need to restructure its payment system for the measure, it will increase revenue for vendors and the fair.

To ensure the success of a cashless payment system, the fair will first collect every transaction's compensation and merchants will need to present a receipt for each purchase in order to receive their payment.

Chris Wiseman, general manager for the Colorado State Fair, told KUNC the cashless solution will provide greater purchasing power for fairgoers and parents who do not feel comfortable giving their children cash in a crowded environment.

"I think this gives families more mobility because some parents from time to time worry about giving their kids cash," Wiseman said. "They'll be able to give them a smart card, knowing that if they lose it, it's not like dropping a $20, $10 or $50 on the ground you're going to get that money back if you use a pin number."

Investing in electronic payment solutions allows local fairs and vendors to drive revenue while boosting customer satisfaction. Plastic continues to be a secure purchasing method for consumers, and fairgoers often do not want to have to worry about carrying and potentially losing cash in public places. With the new smart cards, customers will be able to keep their finances safe by knowing that if they lose their card, it is harder for someone to use the card. Because each card has a specific pin number, it acts as a prepaid debit card. While at the Colorado State Fair, consumers will be able to ensure their financial information is secure.

Nexus: G-WEBCD2