UK-based cashless start-up tappit has signed an agreement with multiple partners to form a new joint venture company in South Africa: tappit Africa.
The joint venture will provide radio-frequency identification cashless payments at festivals, conferences, concerts and sporting events in South Africa and the Sub-Saharan region.
Partners signed up for tappit Africa include a multi-brand sports group specialising in festivals and live events Old School Group and ticketing technology provider Quicket. The joint venture will be led by tappit CEO Rob Groombridge, Old School Group CEO Gerhardi Odendaal and Quicket director James Hedley.
Tappit holds the majority share in the joint venture, with the other parties each owning significant minority stakes.
Hedley says Cape Town and Johannesburg will be the first cities to use the technology. "Not only because this is where the larger events are held, but it's also where visitors are more likely to be prepared to use the infrastructure tappit is putting in place in venues."
"Our new joint venture, tappit Africa, is committed to supporting the organisers of world-class events by revolutionising the way fans and vendors enjoy the experience through seamless integration of technology elements like ticketing and cashless payments," says Groombridge.
Hedley notes the joint venture will be able to leverage tappit's experience in managing cashless payments for large-scale events like the Dubai Rugby 7s for the South African market.
Although the African market may not be as mature as others, the benefits of cashless systems are universal and implementing them in SA will have no major differences from other markets, notes Hedley.
"Education is a key factor in every market we work in to ensure people fully appreciate the multiple features of a cashless system and how best to make use of them.
"Some of our JV partners have already integrated with different payment systems in East Africa, and we can leverage and grow into new African markets on the back of this."
Concludes Odendaal: "Cashless payment is certainly one of the most exciting technologies within the live events industry and we know we've only seen the tip of the iceberg with how this technology is used. We're looking forward to really leading this growing trend with tappit and Quicket."
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