A group of cashless system providers discussed the future of payments this week at ShowUp, declaring: “The Cashbox is Dead.” The Future of Payments panel included John Keys of Embed, Brian Duke of Semnox, Russ Van Natta of Creative Works, Bill Allen of Intercard and Martin Reynoso of Magnetic Cash.
RePlay missed this panel (we were taking a look at the Esports event), however, Magnetic Cash sent us a recap. Basically, mirroring much of the discussion throughout the convention, Covid accelerated changes that were already happening – such as the shift from cash to card and wallets to mobile wallets.
“The pandemic finally broke the back of the paper currency industry, as health agencies pushed merchants and consumers to use touchless payment systems,” Reynoso, Magnetic Cash’s commercial director, said. “The future of money is cashless.”
Reynoso later added that ShowUp was an excellent initiative and offered great industry discussions. “I believe it brings us a little closer and allowed us to share our different opinions regarding the future of money management in the entertainment industry, as well as how Covid-19 modified people’s behaviors and what they look for when they enter a family entertainment center.”