The Rush to Cashless Gaming

In any number of consumer-facing businesses around the world, payment without cash is so common as to be an afterthought, particularly among younger consumers. But, not in casinos. Instead, they have held onto the cash culture longer than nearly any other kind of business. However, as the demographic ages, the newest casino customers are those who have come to expect cash-free payment with everything they buy.

For many years, casinos have been looking for ways to attract a younger demographic, specifically Millennials and Gen Z, and explored new types of skill-based games, similar to video games, but it has not scaled. Then, the digital and mobile gambling space got a leg up on their analog counterparts because the online space tends to be convenient and more inclusive than casinos. However, now casinos are finding that Millennials and Gen Z are less likely to use cash and more likely to use modern payment methods like mobile and contactless payments. As a result, it’s promising to be a game-changer for casinos as it has proven to attract these younger consumers, while it increases casino profitability by offering more funding options to all players who respond by increasing their time played and visit frequency at the casino.

While cashless gaming may be new to casinos, several categories of business have rapidly moved towards cashless transactions due to enhancements in technology, changes in consumer behavior, and the need for efficiency. And, the benefits realized vary depending on the business category. Some of these categories include retail where cashless payment systems speed up transactions and reduce the need for handling physical money; hospitality such as hotels, restaurants and bars are increasingly relying on digital payments to streamline the payment process and improve the customer experience; and public transportation systems and ride-sharing services are moving towards cashless payments to enhance convenience and safety for both drivers and passengers; and more.

While the benefits of the cashless society are pretty obvious, unfortunately, there are some drawbacks, as well. Among them are privacy concerns as digital transactions require sharing personal and financial data and cybersecurity risks; as examples.

In conclusion, the cashless society, as an innovation, is rapidly expanding to more and more sectors, including now gaming, and offers numerous advantages in terms of efficiency, convenience, security, and economic management. But the road ahead is not without its obstacles. If you’d like to lean into innovation, I-8ighty6ix has a proven track record working with many of the largest companies on the planet. So, if there’s a need for bold and innovative ideas to propel your business forward, I-8ighty6ix offers a better way . . . bringing new energy, focus and direction to a client’s plans for the future.

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