Earlier in March, it was announced that the Mercedes-Benz Superdome is planning to go cashless. This means that all transactions that take place on the property will involve no cash exchange, and instead utilize a credit/debit card or some form of mobile payment. This change was made in an effort to improve the efficiency of the stadium through reducing wait times at concessions and also allowing the stadium to do away with costs associated with moving cash (armed guards etc.)
This development got me thinking about where things are headed in the future in terms of payment. There is no doubt that such an implementation will be seriously advantageous for establishments that have a high volume of customers.
Obviously, when a cashier doesn't need to make change, they can move more quickly to serve the next customer and work through lines at a faster rate.
As we have seen throughout history, things can always become more efficient.
Stadiums are a great start to this cashless movement (Tropicana stadium is also cashless), but the implementation of cashless systems could be even more beneficial in other high volume places such as airports. The entire objective is to work through the lines as fast as possible, and at the airport there are often lines. People want to buy what they need, and get on their way. The same goes for rest stops. It is also important to consider this tactic for high volume destinations such as Times Square in NYC.
With a combined ability for these establishments to keep financial records of all sales and increase their turnover, it is a desirable decision for a business.
That being said, the argument may be presented that instituting a no-cash policy would marginalize those whose only form of payment is cash. How would those people be able to pay? Well, as mentioned above, at Mercedes-Benz Stadium, they plan to place ten machines around the stadium where people are able to feed the machine cash, and it dispenses a debit card that can be used for payment around the stadium. Remaining balances to these cards can be used at any location where Visa is accepted. This levels the playing field for all in attendance.
It is my prediction that with time, this practice of not allowing cash will spread to airports, rest areas and high volume areas of cities. Eventually there is a strong possibility that this will reduce the need for as many employees such as cashiers and therefore places of business will be able to shrink their payroll and consolidate.
The technology is readily available (for a price) to consolidate a workforce and improve overall efficiency. Establishing cashless systems is not a foolproof system, as there is always the possibility for systems to be hacked into. That being said, with increased cyber-security measures, a near completely cashless society is a foreseeable reality in the near future. Advances such as the one at Mercedes Benz Stadium are the first step in that direction. I look forward to seeing what the future holds and how innovators can continue to improve market efficiency.
