Bahrain, 21 February, 2024 – Bahrain International Circuit (BIC) is proud to announce its transition to a cashless payment system with the introduction of BIC PAY, powered by Festipay. This innovative solution revolutionizes the payment experience for attendees, offering seamless transactions and enhanced convenience throughout the Grand Prix weekend.

Bahreini Nagydíj

Celebrating the 20th anniversary

Celebrating the 20th anniversary of Formula 1 in Bahrain, the alliance between BIC and Festipay marks a further development of innovation at BIC. Fans can now enjoy a streamlined payment experience thanks to BIC PAY.

“The introduction of BIC PAY is a testament to our continous pursuit for innovation and commitment to delivering exceptional experiences for motorsport enthusiasts,” said Sherif Al Mahdy, Chief Commercial Officer of Bahrain International Circuit. “This collaboration with Festipay underscores our commitement to ensure the highest standards of convenience and safety for our attendees.”

The introduction of BIC PAY, powered by Festipay

“Together with BIC, Festipay is honored to contribute to the success of Formula 1 in Bahrain and enhance the event experience for fans.” – said Dr. János Kóka, President of Festipay. He added: “As a leading digital payment provider in CEE, with an established presence in the Middle East and South-East Asia, we are dedicated to providing innovative solutions that streamline transactions and create safe and seamless payment experience for attendees.”

Festipay BIC PAY

The Bahrain Grand Prix this year will be entirely cashless. Visitors can opt to use their existing major domestic or international physical or digital bank cards. Alternatively, they can load cash onto a plastic “BIC PAY” card at 7 designated top-up booths as well as via mobile top-up agents. Festipay’s seamless and secure cashless system will be utilized for all transactions at over 50 merchant points of sale. For visitors using BIC PAY cards, any remaining balance after the event will be fully refunded at the top-up stations if not depleted during the event. Merchants will employ Festipay’s integrated POS terminals to accept payments, manage products, monitor inventory, and service customers efficiently.

A significant step forward

The introduction of BIC PAY marks a significant step forward in BIC’s ongoing efforts to enhance event experiences and embrace digital innovation. Attendees can look forward to a seamless and secure payment experience at the upcoming Grand Prix.

About Bahrain International Circuit

The Bahrain International Circuit is dedicated to hosting premier motorsport events and providing unforgettable experiences for fans worldwide. With a commitment to excellence and innovation, BIC continues to push the boundaries of motorsport entertainment.

The 2024 Gulf Air Bahrain Grand Prix is a milestone event for BIC. It’s representing the 20th anniversary of the first F1 race at the circuit – the first one in the Middle East. It will also be the fir-st round of the 2024 season and the first ever Saturday race in Bahrain. As one of the most anticipated events of the season, the 2024 Gulf Air Bahrain Grand Prix promises edge-of-your-seat excitement.

BIC PAY

About Festipay

Festipay is Central Eastern Europe’s leading digital payment and integrated event management provider for festivals, events, and venues, with a presence in 13 countries. The company’s expertise in delivering seamless payment solutions has made it a trusted partner for organizers across various industries.

Specializing in state-of-the-art, integrated fintech solution and seamless, secure transactions, Festipay empowers organizers to deliver exceptional event experiences through innovative payment solutions.

Some of the major events throughout Europe and the Middle East trust Festipay to manage their cashless payments and access. Such as Sziget Festival and Balaton Sound in Hungary, Untold, Electric Castle and Neversea in Romania. Festipay continues to enhance the festival experience by making it more convenient, secure, and enjoyable for attendees and organizers alike. Festipay plays a pivotal role in shaping the future of event management in the region.

Recent success in Dubai

Festipay’s track record of success includes recent achievements in Dubai. The company has serviced UNTOLD Dubai, a large scale music festival. It took place just recently,  between 15-18 February in Expo City Dubai. This experience further underscores Festipay’s commitment to delivering seamless payment solutions tailored to the largest events of the Middle East.

Running from February 15th to 18th and jam-packed with some of the top artists from across the world, Untold Dubai was the first festival in Dubai, where Festipay was providing integrated event management, cashless payment and festival access, along with front end sale solutions.

UNTOLD Dubai

Among the top 3 in Europe, now also in the Middle East

UNTOLD has put Romania on the global map of events is in the top 3 festivals in Europe. The unique experience, UNTOLD Europe ranks 6th place in the world in the Top 100 Festivals.  DJ Mag listed it along with Tomorrowland, Ultra Miami, Glastonbury, EDC Las Vegas, and Coachella. UNTOLD Europe has already established itself as an iconic brand in the entertainment industry with a history of delivering unforgettable experiences. It has over 200 international artists annually and over 400,000 festivalgoers per edition. UNTOLD Europe has captivated audiences with its unique blend of music, culture, and awe-inspiring performances. The inaugural UNTOLD Dubai boasted the same level of excitement.

Festipay at Untold Dubai

The latest chapter of the UNTOLD story unfolded in Dubai

Stunning Expo City Dubai was the cultural backdrop for this grand event. Combining the vibrant city of Dubai with the spectacular immersive experiences of Expo City Dubai, the legacy city of the World Expo that attracted over 24 million global visitors. This festival has provided a once-in-a-lifetime experience. Dubai’s multicultural identity made it the ideal host for UNTOLD Dubai, a festival that continued to captivate fans worldwide. Supported by Dubai’s Department of Economy and Tourism and in partnership with Expo City Dubai, UNTOLD Dubai was set to be the highlight of Dubai’s music calendar. Attendees expected a fascinating movement filled with lights, fireworks, laser shows, and, most importantly, unrivalled music. With headliners such as Tiësto, Armin van Buuren, Ellie Goulding, Paul Kalkbrenner, Psy and Sven Väth, the festival indeed was the highlight of the electric music events of the Middle East.

Access control

The access control and the management of the payment transactions at Untold Festival was supported by Festipay’s integrated system. Festipay has become one of the main international service providers in the area of integrated festival and event solutions.

Untold Dubai

Cooperating with Festipay since 2015 

The organizers of Untold began cooperating with Festipay in 2015, seeking a reliable cashless payment service provider with experience in managing large events. Festipay’s track record, particularly at events like the Sziget Festival, convinced them of its suitability. Their collaboration has been a continuous success for nine years, highlighting the reliability and customizability of Festipay’s cashless payment system.

 

In the ever-evolving landscape of financial technology, the shift towards cashless payment trends in 2024 has been nothing short of revolutionary. As we step into 2024, the momentum behind this transformative trend shows no signs of slowing down. Here are some predictions for the cashless payment landscape in the coming year.

Predictions for the cashless payment landscape

1. Rise of Cryptocurrencies. Cryptocurrencies have been gaining traction for several years, and 2024 is poised to be a breakthrough year. With more merchants accepting digital currencies and major players entering the market, we can expect an increase in the use of cryptocurrencies for everyday transactions. The decentralized nature and security features of cryptocurrencies will likely play a significant role in shaping the cashless payment landscape.

2. Biometric Authentication. As concerns about security continue to grow, biometric authentication methods are becoming increasingly popular. Therefore fingerprint and facial recognition technologies are expected to play a pivotal role in ensuring secure and seamless cashless transactions. The convenience of a simple scan or glance will further enhance user experience and foster trust in cashless payment systems.

3. Integration of Artificial Intelligence. Artificial Intelligence (AI) is set to revolutionize cashless payments by providing personalized and predictive insights. AI algorithms will analyze consumer behavior, spending patterns, and preferences, offering tailored suggestions and incentives. This level of personalization not only enhances the user experience but also encourages increased adoption of cashless payment methods.

4. Expansion of Contactless Technology. The COVID-19 pandemic accelerated the adoption of contactless payments, and this trend is expected to persist in 2024. Contactless cards, mobile wallets, and Near Field Communication (NFC) technology will continue to dominate, offering a hygienic and efficient alternative to traditional payment methods.

5. Partnerships and Ecosystems. Collaborations between financial institutions, fintech companies, and retailers will shape the cashless payment landscape. Integrated ecosystems will emerge, offering users a seamless and interconnected experience across various platforms. This collaborative approach will drive innovation, making cashless payments even more accessible and user-friendly.

 

Conclusion: cashless revolution can’t be stopped

As we usher in 2024, the cashless payment trends in 2024 have been set to reach new heights. With advancements in technology, increased security measures, and a growing acceptance of digital currencies, the year ahead promises a future where cash becomes a relic of the past, and financial transactions become more convenient, secure, and interconnected than ever before.

Introduction

The festival experience has evolved significantly over the years. Beyond the music, attendees now expect seamless, hassle-free access management and cashless payment options. In Central Europe, particularly in Hungary and Romania, one company has been at the forefront of this transformation: Festipay. With a strong presence at some of the biggest festivals in the region, including Balaton Sound, Sziget, EFOTT, Untold, Neversea, Vibe and Saga, Festipay has become the leading integrated event management and cashless payment provider.

The Rise of Cashless Payments and the most efficient Access Management

Cashless payments and efficient access management have revolutionized the way festivals are organized and enjoyed. Gone are the days of fumbling for cash or waiting in long lines to gain entry. Festipay recognized this need and has been instrumental in ushering in a new era of festival experiences, particularly in Central Eastern Europe.

Benefits of Festipay’s Integrated Services

1. Seamless Cashless Payments:
– Festipay offers festival-goers the convenience of a cashless payment system. Attendees can load funds onto their festival wristbands as digital wallets, making purchases at vendors and food stalls quick and easy.
– This system not only reduces the risk of theft but also enhances the overall festival experience by reducing wait times at food and merchandise stalls.

2. Enhanced Access Management:
– Festipay’s technology ensures smooth access management, allowing festival organizers to control entry efficiently.
– Features like RFID/NFC wristbands or mobile tickets enable faster and more secure entry, reducing bottlenecks at the gates and improving security.

3. Real-Time Tracking and Analytics:
– Festipay provides event organizers with real-time data and analytics, allowing them to make informed decisions and optimize the festival experience for attendees.
– From monitoring sales trends to tracking attendance, these insights enable event organizers to enhance the festival’s overall operation.

Festipay, one of Europe's leading integrated event management provider at Untold

Partnering with Iconic Festivals

Festipay’s success can be measured by the impressive lineup of festivals it collaborates with. Some of the most renowned events in Europe trust Festipay to manage their cashless payments and access systems. Here are a few notable festivals that have chosen Festipay:

1. Sziget Festival (Hungary):
– One of Europe’s largest music and cultural festivals, attracting hundreds of thousands of attendees from all over the world.
– Festipay’s services ensure smooth operations, allowing festival-goers to focus on the music and experiences.

Festipay leading intergarted event management provider in Europe, at Sziget Festival

2. Untold Festival (Romania):
– Recognized as one of Europe’s top electronic music festivals, Untold relies on Festipay for secure and efficient cashless payments and access management. As the latest, eighth edition surpassed the 5th edition in attendance numbers, Festipay’s services were used by over 420,000 people in four days.

3. Balaton Sound (Hungary):
– A popular electronic dance music festival located on the shores of Lake Balaton, Balaton Sound relies on Festipay to handle transactions and festival access, making it easier for attendees to enjoy the event.

4. Neversea Festival (Romania):
– Festipay enhances the Neversea experience by providing attendees with a seamless cashless payment and access management system.

Conclusion

Festipay has emerged as the leading integrated event management and cashless payment provider for festivals in Europe, particularly in Hungary and Romania. With a strong presence at major festivals like Balaton Sound, Sziget, EFOTT, Untold, Neversea, Vibe and Saga, Festipay continues to enhance the festival experience. So they are making it more convenient, secure, and enjoyable for attendees and organizers alike. As the festival landscape continues to evolve, Festipay’s innovative solutions will undoubtedly play a pivotal role in shaping the future of event management in the region.

 

Festipay is a cashless payment system that is used primarily at festivals, in the general hospitaliy sector and events. It was launched in Hungary in 2015, and has since expanded to other countries in Europe and Asia.

Festipay offers a cashless payment solution for festival-goers, which allows them to make purchases using a wristband or card. This eliminates the need for festival-goers to carry cash, which can be lost or stolen, and also speeds up the payment process.

How to use Festipay

festival-goers first need to obtain a Festipay card or wristband at the entrance of the festival. Then can then load money onto their card or wristband, either online before or during the event or at designated top-up points at the festival. Once the card or wristband is loaded with funds, it can be used to make purchases at the festival, including food, drinks, and merchandise.

Mobile app

Most festivals also offer a mobile app. It allows festival-goers not only to top up their card or wristband, but to track their transactions, and receive real-time notifications of their balance.

As shown above, one of the benefits of Festipay is that it allows festival organizers to better track and manage transactions. This can help prevent fraud and reduce the risk of theft. Additionally, it also allows for faster and more efficient payment processing. Hence it can help reduce queues and improve the overall festival experience for attendees.

Some insights on the current cashless payment trends

Cashless payment trends have been growing rapidly in recent years due to advancements in technology and changing consumer behavior. This trend is likely to continue in the coming years as more and more people adopt cashless payment methods.

Popular cashless payment methods that are currently trending

  1. Mobile payments. With the widespread adoption of smartphones, mobile payments have become increasingly popular. This involves using a mobile wallet app to make payments using a linked debit or credit card.
  2. Contactless payments. This involves a contactless card or a mobile wallet to make payments without the need to physically insert a card or enter a PIN.
  3. Cryptocurrencies. While still relatively new, cryptocurrencies are becoming increasingly popular as a means of payment. Hence Bitcoin, Ethereum, besides other cryptocurrencies are being accepted by more and more merchants.
  4. Biometric payments involve using a person’s unique biometric characteristics, such as facial recognition or fingerprint scanning. Another key point is, it can also be used to authenticate payments.

Overall, the trend towards cashless payments is likely to continue as more people become comfortable with using digital payment methods and technology continues to improve.

We live in an age where instant gratification is now the rule, not the exception. With the emergence of artificial intelligence (AI) like Siri and Alexa, we have answers and information at our fingertips instantaneously. 

Newer generations thrive on instant responses and the ability to complete tasks with the press of a button. As technology makes even the simplest of tasks easier, we want more. Unsurprisingly, the banking sector has followed this trend by providing its customers with the latest technology for easy access and flexible banking. As financial institutions (FI) revolutionize the industry with the newest technology, cybercriminals are poised to exploit new vulnerabilities due to increased use.

Artificial Intelligence (AI) in the finance sector

The significant increase in contactless payments for most of the western world’s payments presents another unique twist. For the first time financial organizations have real insight into how their customers are spending. Therefore 2022 we see a rise in financial organisations turning towards Artificial Intelligence (AI) algorithms to predict consumer behavior, spending habits and enhancing their experience. Hopefully financial organizations will act responsibly. They should understand their obligations under the European General Data Protection Register (GDPR).

Detect fraud before money leaves the account

Financial Institutions must stop fraudsters before they transact because it prevents financial losses and maintains a trusted client relationship. FIs customarily absorb the cost of losses, but in some cases, banks are not liable. Sometimes, customers bear the loss, which weighs on the relationship of trust between FIs and their clients. By implementing AI, especially products built for banking,

FIs can close the gap in identifying and stopping breaches before they occur. Sifting through millions of cyber events for an average client (and much more for larger institutions) is virtually impossible, even for the most substantial and proficient teams, and AI creates a baseline of transaction patterns and can identify anomalies as a proactive approach.

The Future of AI in Financial Institutions

As we continue to operate businesses with more advanced technology, financial institutions are finding themselves in a war against malicious acts. The future for FI is to utilize this new technology not just to ease daily operations but to provide an elevated level of protection.

With the ever-changing world of security, risk, fraud, and compliance, the financial sector requires FIs to stay current and competitive. Artificial Intelligence is the way to revolutionize the way banks and credit unions provide security to keep their customer’s assets and data safe.

Diversified payment acceptance strategy

Merchants should keep one word in mind – diversification. Having a diversified payment acceptance strategy will ensure that a merchant stays close to consumer payment trends and preferences. Therefore allowing customers to pay for goods and services in a safe and easy manner.

Behind every successful company is a fantastic team and a great teamwork. This is no different in the case of FESTIPAY integrated event solutions, which is why we are particularly proud that Festipay is included among the 20 most promising Hungarian fintech companies this year again, for the third time in a row.

Festipay regularly gets invited to relevant forums both in Hungary and abroad, such as the Singapore Fintech Business Forum last year, or the Hunindotech Business Forum in Jakarta.

Since the second edition of HUNFINTECH, 2020, many new domestic solutions have appeared, which were typically presented at the FinTechShow. In the third edition of HUNFINTECH, we also undertook to present these solutions.

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The 2022 festival season started with gastro festivals this year again. On the second weekend of May, the X. Food Truck Show Hungary was held in Budapest, Kincsem Park. The wide variety of street food is a great addition to horse races. Festipay’s cashless payment has been a must-have in events like this, because it provides fast, hygienic service.

Payment wristband at the Gourmet Festival this year as well

This year, at the Gourmet Festival there  is integrated admission and payment again, provided by Festipay. There is no need for a separate festival card, as ID access and payment will work using a single chip armband. Each visitor will receive a wristband with an RFID chip. The chip contains all the information for the authorization. This allows you to enter the event and the same chip includes the pay function.

FIRST EDITION OF NEW FESTIVAL

The first edition of  BEACH, PLEASE! festival will take place in Costinesti Beach, Costinesti, Romania between April 29 – May 1.

The first edition of the Beach Festival, Please! is announced to be the largest event dedicated to hip-hop & trap music organized in Romania. Bringing on the same stage both well-known names such as BUG MAFIA, Deliric, Fat XXL, SPIKE, Dragonu AKA 47, Chemistry, Puya & NANE, as well as influential artists of the new generation such as Killa Fonic, Amuly, Satra BENZ, Ian, El Nino, Marko Glass, Bvcovia, OG Eastbull and many others, Beach, Please! aims to start the party season with 3 unforgettable nights.

Festipay will provide cashless and card payment solutions at this festival, just like most of the other festivals in Romania as well.

FESTIPAY TAKES THE LEAD IN PROVIDING CASHLESS PAYMENT SYSTEMS IN ROMANIAN FESTIVALS

This Hungarian fintech company was founded in 2015. It has gained the leading position in providing cashless payment systems in Romanian festivals in addition to Hungary. Festipay has been present at all the major festivals in Romania. Hence the company is delivering its innovative solutions for cashless payment and integrated event management. In past years, Festipay has provided integrated event management, payment wristband or plastic card cashless payment solutions at several major Romanian festivals including Neversea, Nostalgia, The Carnival Bucharest, The Carnival Timisoara, diMansions Hit Music Festival and Vibe festivals. For instance, Festipay debuted in 2021 at one of the most spectacular festivals in Romania. The Electric Castle festival was held at the Bánffy Castle in Boncida, close to Cluj-Napoca. This summer Festipay was present at ‘Electric Castle Special’, ‘SAGA’, ‘UNTOLD’ and ‘Summer Well: The Limited Edition’

Repeatable success

As the premier provider of cashless payment systems for festivals, Festipay’s experience has created a method of engagement with festival organizers that delivers continued and repeatable success even when managing several concurrent events. Festipay’s delegated staff personally manage the installation, operation and supervision of the payment system at each location. Additionally, the training of on-site staff is delivered by the Hungarian company, with some training sessions provided for up to 120 people.

 

This past summer saw a resurgence of travel throughout Europe, as national COVID vaccination programs began to increase. Travellers once again were able to resume their activities, albeit with some changes to their routines.

Rising limits

As cash is identified as a potential transmission vector for the virus, transactions are still encouraged to be completely using contactless payment systems. Consequently contactless payment limits have risen which in turn has created greater adoption amongst the public. Contactless payment systems such as Google Pay and Apple Pay are now commonplace, but need to link back to a bank or card provider. Typically the bank or card provider is in the traveller’s home country, ensuring an easy and flexible method for payments whilst travelling.

Europe goes cashless

Despite Europe being highly regarded for innovative payment solutions, there remains a marked difference in attitudes towards how to pay for goods and services. For example, in Norway the use of cash has significantly decreased to only 4% of all transactions. In Germany, cash remains the predominant method of payment. Spain has recently introduced a limit of €1,000 cash payments and withdrawals in an attempt to limit the black economy. In the Netherlands, Maestro remains the dominant card provider and is commonly used in supermarkets, metro systems etc. Unfortunately for visitors to the Netherlands this creates issues, as foreign non-Maestro cards are typically declined. In other European countries Maestro is almost non-existent. Consequently travellers struggle to pay at metro stations or some supermarkets, forcing them to revert to cash.

How much time does cash have left?

As the pandemic changes our daily lives and approaches to many things, the question is – how much time does cash have left? If we consider the costs of producing cash, the logistics and issues of its distribution and of course the illegal activities surrounding it plus its roll as a virus transmission factor, the days of cash are numbered. Festipay has been a leader in cashless payment solutions for several years, developing innovative turnkey solutions for festivals and major events.

Cashless payment solutions in 11 countries

Festipay, the most renowned event management service provider in Central Europe, is jointly owned by Cardnet Zrt. And Sziget Kulturális Menedzser Iroda Zrt.
The company provides a full range of cashless payment, accreditation, staff management, mobile application and mobile payment services. All related to event cards or integrated chip armbands, ticket- and access management for its customers. It was the first in Hungary and Romania to use an integrated entry-payment solution. With this visitors can use a wristband with a single radio frequency identification (RFID) chip for both entry and payment. In addition to festivals, Festipay is also a cashless payment service provider for spas and thermal baths in Budapest.

Festipay has so far provided cashless payment solutions in 11 countries. COVID-19 also used the time lost due to missed events to build new markets and test new products. After Romania, Belgium, Singapore, Georgia, Croatia, Switzerland, Slovenia, Italy and France, they also managed to break into the Luxembourg market.