To meet society’s growing demand for cashless payment options, Bacta’s National Council has endorsed a development budget to bring a cashless app to the market before the end of this year. An investment of £150,000 will be made, with the app scheduled for go live in December 2019.
The app is being developed by Polar Moment, however the process for picking a developer wasn’t a quick decision. Vice President of Bacta, Greg Wood, explained: “We examined a whole series of options before arriving at Polar Moment, a company that I would describe as industry leaders and who supply EPOS systems to brands including Marks & Spencer and Shell,”
Bacta are confident they are delivering a cashless solution which can be used commercially in the best interest of its members. Bacta have also indicated that they have already received a great amount of interest in the product.
How Will the App Work?
The system is made up of an app which utilises Near Field Communication to transfer money from a player’s digital wallet to the gaming machine. Winnings will then be returned to the phone. The payment system architecture is highly secure with end to end encryption.
Bacta’s President, James Miller states:
“This is a great initiative for Bacta members and I would say for the industry at large. The process started two years ago when we were charged by the membership, specifically Division 2 operators to the pub and club market, to explore a potential solution to help address the incredible rise in the volume of contactless payments at the expense of cash. “
The Growing Demand for Cashless Payment Options
It’s no secret the demand for cashless payment options is on the rise. Across the UK, around 300 cash machines are closing down each month. Business Insider has also predicted that the average Briton will make 22 contactless payments on average per month in 2027.
With fewer cash machines than ever and the reduced day-to-day need for cash, people have come to expect businesses to accept cashless options. When they don’t, customers are likely to take their business elsewhere.
BCG research reflects this. It shows that cash intensive economies tend to grow slowly and miss out financially, whereas those that switch to digital are far more successful. By switching to digital, annual GDP can rise as much as 3%.
However, at present, we are unlikely to see an entirely cashless society any time soon. Cash remains to be the world’s most widely used form of payment. A report by Which? explained:
“Right now 2.2 million people use cash for all their day-to-day payments. This group tends to have low incomes – 15% of people with an income under £10,000 a year rely completely on cash. There are also 1.3 million UK adults that don’t have a bank account, according to the Financial Conduct Authority (FCA), so they currently have limited options other than using cash.”
But, following the overall demand for cashless options, more business owners are looking at offering a variety of different payment options. So, it’s no surprise this extends to gaming machines and amusements, and the future in the industry is looking positive:
James Miller states: “Thanks to Greg Wood and other members of his committee, we have negotiated a great deal on terms that are highly competitive and which secure the interests of the membership in both gaming and amusements for the long-term.”
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