Companies

Visitors leave HUF 100 mn on festival cards

July 16, 2019, 8:58 am  english version Hungarian version  
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Festival organiser Sziget Zrt. had more than HUF 104 million revenue last year from money left on the FestiPay cards used exclusively to pay at its events, Világgazdaság reported on Tuesday based on the company's 2018 report.


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An integrated cashless payment and access solution, provided by Festipay, the largest cashless payment provider of Central-Eastern Europe, is used at the Sziget and VOLT festivals and at the Balaton Sound as well.

Visitors often do not spend the entire amount they put on the card and do not bother to charge back the money, which means these remnants stay in the system.

The HUF 100 million amount is a fraction of the entire transaction total, which can be put at several billion forints. However, it was less than the previous year, which may show that festival-goers are more aware and the operation of the system has also become simpler.

Sziget Zrt. had an excellent year in 2018 as it saw revenue rise from HUF 12.53 billion to HUF 15.66 billion. Ticket sales brought in HUF 10.26 billion, up 33% from HUF 7.69 billion in 2017. After-tax profit was HUF 1.42 billion, which was paid out in dividends in full.

The future of Hungarian payment systems will be a central topic at our Banking Technology 2019 conference, so take a look at registering:


Simplified refund function

The balance uploaded and remaining through the application at the end of the festival will be automatically refunded to the bank card by the festival organisers within 4 weeks of the festival. It is important that the automatic return is valid only when the balances were uploaded through the application. The ones uploaded at the local top up points could be redeemed for cash only at the time of the event, at any time during the opening hours, but at the latest by the end of the event.

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