The days of the festival coin may be numbered. As an event organizer, you may already be aware of the new bill with which the EU wants to ensure that people must always be able to pay in cash at events. But what does this mean for you in concrete terms?
The idea behind the festival coin is simple: it offers organizers a streamlined way to facilitate transactions at their event. However, for many visitors this system has become a source of frustration. How often do you hear someone say, "I have some coins left after the festival"? In addition, there are complaints about the opaqueness of prices. With festival tokens, a beer can suddenly cost a lot more than you would expect. A lucrative revenue model for some organizers.
Dutch PvdA MEP Paul Tang, directly involved in the negotiations of the new law, wants to see this differently. His argument? Visitors must be given clarity about what they are spending and a fair opportunity to spend their money in full.
So what can you expect as an organizer if this bill is passed? First of all, a change in your current payment system. If the festival coin disappears, this could ensure more transparent prices. However, it can also be a new challenge in terms of cash management and security. But, as with any change, it also offers opportunities to innovate. Although the law has yet to be voted on, it is possible that it will move in a different direction. Consider an obligation to repay any remaining festival coins free of charge after your event. For example, the economic inspection previously investigated the refund costs of 3.5 euros that Werchter visitors have to pay to get money refunded on their digital wristband.
What is your opinion about the festival coin? Agree with the visitors? Or does it make events less safe and more expensive?