The Romanian company Oveit, which provides live stream shopping solutions. launches Oveit Wallet to improve the digital experience of its users.
Oveit Wallet is a service for festival attendants and amusement park visitors to store their money and benefits offered by organizers, and where they operate payments by scanning a QR code, reducing administrative costs for the venue or event administrator. A great advantage for individuals is the increased security of their finances and the freedom offered by a digital wallet that removes the worries of cash management in a large crowd.
In addition to the fact that this QR-based payment type does not require an active internet connection. It is even more secure, as the customers can pay with bracelets that are impossible to lose or steal.
The new product complements Oveit Pay, a solution already established in the company’s portfolio. Both payment technology products are appropriate for festivals, event organizers, or amusement parks, running through a company-owned blockchain system for increased payment security.
Through Oveit Pay, organizers have access to purchase statistics during the event or in the amusement parks to increase the value of their earnings by recording all the sales made, viewing sales statistics of the partner brands, and tracking the route of the participants and their purchase behavior.
„Through these cashless payment products, we provide increased payment security through the blockchain system by eliminating the waiting times that often negatively impact the participant experience. We aim to facilitate interaction with partner brands, and perhaps most importantly, ensure the transferability of benefits between locations and events in the ecosystem”, says Mihai Drăgan, COO of Oveit.
Cashless transactions, the fastest way on the market
Cashless payment methods have become widely used all over Europe. The convenience of digital payment pushes various providers (e.g. Apple, Google, Klarna, etc.) to create such financial solutions.
A study by Mastercard proved that younger generations prefer to pay cashless. And this is no surprise. After all, the benefits of cashless payment are many, especially since transactions are much faster than usual. According to Secure Technology Alliance, cashless transactions are 63% faster than cash transactions and 53% faster than the classic card payment model.
Following the trend of cashless payment, Oveit was named the “Most Promising Fintech of 2019” at the NOCASH Gala. The WTO, part of the United Nations, awarded the startup the title of “disruptive technology innovator”.