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Simmons Bank Arena has joined a growing number of larger event venues that no longer accept cash for in-venue purchases, including at concession and merchandise stands.
The new policy takes effect Saturday, beginning with an Elton John concert on his "Farewell Yellow Brick Road" tour. Only bank cards and mobile payments will be accepted in the arena. The arena box office will still accept cash for ticket purchases.
The 18,000-seat arena in North Little Rock said the change will help limit contact between arena workers and show attendees, a common precaution in the COVID-19 era. It will also help concession lines move faster, though arena officials said long waits typically aren't a problem.
The arena sold $1.35 million worth of merchandise and $1.37 million in concessions in 2021, with cash transactions per event ranging from 25% of purchases to 60%.
More than 219,000 people attended an event at the arena last year.
An arena spokesperson said it chose not to gradually end cash transactions or leave some cash lines in place because it would create significant differences in line length. Even before COVID-19, the venue had seen a trend of less cash usage.
That trend is part of a nationwide shift. Just 19% of purchases in 2020 were made with cash, down from about 30% a decade before, according to a Federal Reserve survey. Surveys by Mastercard and American Express found that more than half of Americans use contactless payment, such as tap-and-go credit cards and mobile wallets, and that more consumers are likely to adopt it.
At Simmons Bank Arena, if the card processing network goes down, purchases can still be accepted. Sales terminals can store card info and process transactions when they reconnect to the network.
Saying goodbye to greenbacks has helped other venues save money by eliminating the cost of counting, moving and securing large amounts of money, but Simmons Bank Arena said any savings will be offset by an increase in fees for card transactions.
The arena follows Razorback Stadium in Fayetteville and a host of professional sports venues in going cashless. Nearly every Major League Baseball stadium went cashless in 2021, along with the NFL's Atlanta Falcons, San Francisco 49ers and Seattle Seahawks. Several NBA and NHL teams have done the same.
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January 28, 2022 at 11:24PM
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Simmons Bank Arena Goes Cashless as Consumer Payment Methods Change - Arkansas Business Online
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