Tech Trends Of The Future: Cashless Payments in Casinos

By | November 11, 2016

Over the years, we’ve seen a lot of futuristic changes happening in the world of gaming and casinos. A prime example of significant change is casino currency. Where once we used coins at the slot machine, we can now use paper notes. Now notes are about to be replaced by something else; a method of cashless payment.

Cashless payment is one of the most recent technology updates in the world of casinos and its set to change the way we gamble in a big way. Instead of using notes at the slot machine, you’ll be given something called a gaming ticket, which will essentially just be a small piece of card. There are benefits and downfalls to this new change, but it seems like it will be worth it in the long run.

It costs casinos a lot of money to store and handle cash. Casinos and casino-goers are also big targets for theft, given that it’s widespread knowledge that there’s a lot of money lying around. Over 95% of casino transactions involve real money, and with the introduction of this new cashless payment technology, casinos are hoping to really slash this figure right down.

We’re already accustomed to using cards instead of real money in retail and hospitality environments, but it’s not something we’ve seen in casinos before. Even online casinos are dubious about letting customers use debit cards and much prefer e-wallet sites and bank transfer. This new cashless payment solution is set to make life easier for casinos and the people who use them too. Already the new system has been sampled in some casinos in Nevada and so far everything seems to be working out well.

The cashless payment system will work in two ways- either with something called a Casino Club Card or with something called an EZ Pay Ticket. The latter work with slot machines and video poker games. The way these work means that when customers win, they win points onto their card that can be used in another slot machine or video poker game as currency. However, should you choose to redeem your prize as cash instead, you can do this at the cage; just hand your card over.

Casino Club Cards are a little more complicated. It involves a bank transfer to get money from your account onto the card, and you need to download an app for it to work too! However, the card isn’t linked directly to your bank; it’s all done through the casino. There’s also limits to the card; you can only deposit $2,000 a day, and there’s a $10,000 monthly cap too, along with some transaction fees in addition to this. Furthermore, there’s a 15-minute time gap between deposits where you cannot use the card, in order to try and prevent people developing problems with the card and/or with gambling, overspending or impulsively buying.

With cashless payments being introduced, it seems like there’s going to be a lot of pros and cons to weigh up for players. Ultimately, though, they’ll have no choice. Cashless payments are going to be implemented, and fast. Players won’t really have a choice about it!

H/T Casino Tech