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Financial Solutions
07 Nov 2016

The wait is over … for good

… AfterPay Fast Track lets you have fun now and pay later

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My long wait at Slush got me thinking about how to take the pain out of paying at large venues and events. After meeting the CEO of mFabrik it became clear that we had the services and technology to do just that. So we joined forces and AfterPay Fast Track saw the light of day – or the light of night, to be more precise, given that it made its debut at a rock festival in March.

AfterPay Fast Track is our new instant payment solution, designed to cut queues and give people more time to have fun. Once a visitor is registered, they get an NFC-connected bracelet that lets them make payments in a mere second, just by “tapping” the payment terminal. And then they can pay when and how they like using our flexible AfterPay system.

To show the true benefits, we timed how long it took people at the rock festival to pay with cash, card, and the AfterPay Fast Track bracelet. The results were better than expected. It took 25 seconds with card, 15 seconds with cash, and only 1 second with AfterPay Fast Track.

One possible challenge was the initial registration. How do you register customers without creating a queue right at the entrance? In Finland (as in several Nordic countries), driving licences conveniently double as electronic ID: you just scan the licence to carry out an instant credit check. Most people are approved on the spot, and can pay after the event, while others can pre-pay using a credit or debit card, or cash.

With the first trial behind us, we had the confidence to target bigger events and more challenging payment scenarios, the kind of events with numerous vendors and thousands of visitors.

July’s Great Beers – Small Breweries festival in Helsinki showed how successful and robust the concept is. We proved we could cut queues and increase sales, serving over 3,000 simultaneous customers without a single technical hitch. Best of all, with no need to handle cash, the organisers and brewers had more time to focus on keeping their visitors happy instead.

And the visitors? They didn’t have to keep reaching for their purses or wallets, or worry about how to keep them safe, because they could pay at all 35-plus stalls with their bracelet. They still had complete control over their spending at all times with real-time information on their purchases via our web portal. And they didn’t have to pay until after their visit when they received a payment summary by email. Even then, they could choose when and how to pay.

Three happy young women smiling at the camera and showing peace signs

That, of course, is the real beauty of AfterPay Fast Track for customers: the ability to enjoy now and pay later. Business owners can keep track of customers’ purchases and movements, seeing what they want and how to keep giving it to them, as well as making it easier to allocate staff and resources more efficiently.

AfterPay Fast Track is now available in Finland, Sweden and Norway, giving people more time for fun. It was definitely worth waiting for, and I’m proud to have been a part of creating it.

– Jouko Tossavainen

Business Development Manager,  Arvato Financial Solutions Finland

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