TEL AVIV, ISRAEL / ACCESSWIRE / November 19, 2020 / One of Thailand's leading music festivals is preparing for its upcoming three-day event by implementing a blockchain-based cashless payment system for the first time. Instead of cash, festival-goers will make payments using a cryptocurrency token minted by Mystic Valley.
The festival has partnered with the Fuse network and local crypto trading platform Bitazza ahead of its 2020 event, scheduled to run from 27-29 November at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima. The new contactless payment system will encompass all financial transactions on-site, including payments made to food and drinks vendors and merchandisers.
Working with Fuse's open-source payment technology stack, Mystic Valley has developed a mobile wallet that can be used by all attendees. The process works as follows:
• Festival-goers scan a QR code on arrival, triggering an automatic download of the "community" wallet on iOS or Android
• Bitazza facilitates the exchange of Thai Baht for Mystic (MYST) tokens, which appear in the downloaded crypto wallet ("fiat to crypto")
• All vendors display a QR code that attendees scan to pay directly for goods and services, with real-time notifications confirming transactions
• Festival-goers can exchange tokens with each other via the mobile wallet
The introduction of mobile wallets eliminates the need for cash to be brought on-site, resulting in a smoother and safer experience for attendees and the vendors serving them. The system assuages fears customers may have about handling and exchanging paper money, with organizers keen to minimize friction and provide peace of mind. Digital payments at festivals have also been shown to increase revenue by upwards of 15%.
Mystic Valley will feature eight stages and a busy itinerary of performances, with genres such as trance, techno, house, bass, trap, indie, and disco across 10 different stages, showcasing the talents of more than 70 artists. Tickets are available at Ticket melon and https://partners.bitazza.com/en/partner/mystic-valley/ if customers wish to pat with BTC, ETH or USDT, and regular and VIP Early Bird options are still available.
A traditional POS system would be too costly an event of this nature both in terms of hardware and the high fees typically charged by the likes of Visa and Mastercard. Fuse Network's $0.01 transaction makes the implementation of cashless payments accessible to any kind of event organizer at the fraction of the cost.
About Mystic Valley
Mystic Valley is a three-day, multi-genre music festival and a staple of Thailand's live events calendar. Occurring within a scenic valley in Khao Yai and featuring some of the world's biggest acts, Mystic Valley features eight stages, a large tropical pool area and an abundance of food options in a market style setup.
About Fuse
Fuse brings the power of mobile payments to communities throughout the world. With Fuse, anyone can launch and manage open-source networks, empowered by simple, easy-to-use mobile app and native digital tokens.
CONTACT:
Dan Edelstein
pr@marketacross.com
+972-545-464-238
SOURCE: Fuse
View source version on accesswire.com:
https://www.accesswire.com/617574/Mystic-Valley-Partners-with-Payments-Startup-Fuseio-to-Mint-Crypto-Token-for-First-Cashless-Event
