Token now supporting virtual currency

RFID event solution Token Systems has added support for virtual event currencies to its cashless payment and POS technology platform.

Token is a global provider of advanced RFID solutions, cashless payments, access control and experiential activations for venues and events. It  is currently available in Australia, New Zealand, the UK, Ireland and the US, with more countries to follow in the upcoming months.

The new feature will provide additional possibilities for Token’s live event and festival industry client-base to increase revenues and streamline operations for large-scale events.

A Token spokesperson said: “Virtual currencies, such as the Pearls used in the Tomorrowland festival in Belgium in recent years, provide several distinct advantages for event organisers, including improved event ROI, streamlined currency exchange and simplified financial reconciliation.

“Token’s new product release will enable organisers to combine these benefits with the other useful features of RFID – including shorter lines through advanced access control, data capture and analysis tools.”

Support for virtual currencies is designed to “minimise hassle, streamline event management and let organisers focus on building great experiences.”

Virtual currencies can be set up and managed via an online portal or on-site top ups, with organisers controlling which real currencies can be accepted (USD, AUD, EUR, etc.) and the ‘exchange rate’ for purchasing virtual currency (e.g., $10USD may equate to 2 gems).

At the event, patrons buy food and drinks using the credits they’ve purchased by tapping their wristbands or cards at vendors.

Token added: “Should they need to check their balance, or add more funds to their wristband they can do so through an online portal, or via one of the top-up stations on-site.”