One of the best ways to get consumers to spend more money is to make it easy for them to pay. That’s exactly what PayPal subsidiary Braintree and Eventbrite are banking on. This week, the duo announced they have teamed up to give festival-goers and event attendees a new way to pay.
This new capability enables attendees to make payments using their RFID-enabled event wristband that generally serves as their admission ticket. This creates a cashless way for patrons to pay in person for food, beverages, and merchandise by leveraging the payment credentials they used when paying for their ticket online.
After conducting a study testing the use of the new technology at an event earlier this year, Braintree found that attendees who used their wristbands as a cashless payment method spent 2x more per day than cash payers did. Using Braintree’s Commerce Infrastructure tools, the festival organizer was able to share attendees’ tokenized payment credentials with its vendors, who all run on separate payment systems. According to Braintree’s blog, the “vast majority of attendees who used cashless said it improved their overall experience (84%) and would use it again (89%).”
Braintree’s Contextual Commerce tools enable businesses to create a seamless purchasing experience for consumers
Eventbrite has leveraged Braintree’s Contextual Commerce tools in its partnerships with Bandsintown and Facebook to streamline the ticket purchasing experience for customers. Offering a native purchasing experience results in fewer abandoned carts and, in Facebook’s case, resulted in twice as many tickets sold.
PayPal acquired Braintree in 2013 for $800 million. Braintree most recently showcased Venmo Touch at FinovateSpring 2013. Last month, Braintree enabled Android and Apple Pay support in Australia. Earlier this summer, the California-based company surpassed one billion transactions per quarter. Braintree supports merchants in more than 40 countries and more than 130 currencies. The company has more than 500 employees who work in 7 office locations across the globe.
