Cashless catering is a prepay point of sale (POS) technology that allows transactions with the absence of cash at the time of purchase. It is used in canteens, particularly those in schools. The use of the technology has expanded to include music festivals such as Ottawa Bluesfest and Wireless Festival, where the system has been integrated into RFID wristbands.
Users of the system have a profile which stores information such as the account balance, personal details and a photograph for verification purposes. Cashless catering systems can use a variety of user identification methods, such as PIN entry, Fingerprint recognition, Magnetic stripe cards, Photograph recognition, Electronic fob and Smart cards
The cost to a British high school of setting up a cashless catering system was approximately £21,000 GBP in 2012; for primary schools it was £7,500. Systems require annual maintenance at approximately £2,500 for high schools and £1,000 for primary schools.
- ^ Jump up to:ab “Cashless Catering in Secondary Schools”. Aberdeenshire Council. Archived from the original on 3 September 2012. Retrieved 14 August 2012.
- ^“Canadian festival aims to go completely cashless”. sQuid. 18 July 2012. Archived from the original on 8 August 2012. Retrieved 14 August 2012.
- ^“A FLICK OF THE WRIST: RFID WRISTBANDS FOR EXHIBITIONS”. Exhibition News. 9 August 2012. Archived from the original on 12 August 2012. Retrieved 14 August 2012.
- ^ Jump up to:ab c d e f g h “An Independent Review of Cashless Catering Systems” (PDF). School Food Trust. Archived from the original (PDF) on 2009-08-07. Retrieved 14 August 2012.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.