If there’s one thing that we have become more accepting of in our COVID-affected world, it’s the fact that cash may no longer be king.
People are shunning folding printed money for digital options – using their mobile phone and plastic. In fact, in a survey, 14% of Australian businesses won’t accept cash and only take digital payments.
With the potential of a cashless society becoming a possibility sooner rather than later, the question is: what will this mean for poker machines, table games and our industry in general?
A digital wallet solution to replace cash in gaming rooms is currently being looked at by the NSW government and is soon to go to trial – so it could be impacting venues around Australia sooner than you might think.
IGT has been leading the cashless charge globally, and the following may provide you with an idea of a cashless future.
Cash is … gone?
The COVID pandemic hastened the push for a more cashless society and the NSW government is looking to define the digital wallet and setting up a ‘sandbox’ for companies like IGT to trial solutions.
IGT is helping to define what a cashless future with a digital wallet looks like and already has existing technology in place across the globe (see Install Base graphic) where solutions are in use to accept digital payments in gaming venues.
So what makes up a so called ‘digital wallet’?
This diagram (Go To Market Options graphic) shows the constituent parts that make up a fully digital solution.
The goal is to enable payment via a phone/card that is linked to an external funding source. Although the exact way this will work is under development in Australia, IGT already has components in place to get its systems customers started on the digital journey.
Interested in seeing how this could work in your venue? Take a look at our video for a taste of how it could work here.
In our industry, the USA often leads the way, and they are very seriously looking at cashless too. The IGT US team held an online forum among North America’s leading casino operators and they see a strong cashless future – check out their thoughts here.
While this has been a quick whistle-stop tour of what a digital wallet could be – as we’ve seen in 2020 – when things are forced to change, we adapt very quickly, so a cashless world may not be that far away at all.