Mystic Valley Festival: Mobile Payments Deployed with Success on Fuse!
The three-day music event which took place in Khao Yai, Thailand, from 27th to 29th November featured a diverse range of music on 10 different stages as well as food markets with creations from Thailand’s leading brands.
World’s First Blockchain-Based Festival Payment Solution
- Over $1,000,000 in transactions.
- 15,000+ payments processed.
- $0 in hardware costs.
The event’s organizers, who have been running Mystic Valley since 2017, had been looking to upgrade their payments system for a while. The purchase of food, drinks, activities, and merchandise at the festival had, up until 2020, been managed using physical tokens. This outdated system proved to be slow and inefficient, leading to large queues and audience congestion; meaning lower sales and a diminished experience for festival-goers.
The need to upgrade to a digital, contactless payment system was amplified by the arrival of COVID-19 and the subsequent health and hygiene implications.
They needed a solution that was quick, easy, and cost-effective to put in place for the event.
Deployed in Under 3 Weeks
Thanks to leading digital asset exchange platform Bitazza, with some help from Fuse’s core development team, a fully mobile payment solution was conceived and deployed in under 3 weeks.
This included:
- Minting MYST token on Fuse Network.
- Forking the Fuse mobile wallet in order to configure custom, festival focussed features.
- White labelling the mobile app and making it available on iOS and Android under Bitazza Company Limited.
Mobile Wallet for Both Merchants and Consumers
The app was promoted through social media prior to the event so that it could be downloaded in preparation. Thai Bhat was then exchanged for MYST tokens at a ratio of 1:1 at the entrance.
The wallet was designed so that it could be used not only by festival-goers to make payments, but also by vendors to receive MYST, meaning that there were zero hardware costs as employees were able to simply login to merchant accounts using their personal mobile phones.
Results
- 1,648 mobile wallets were generated during the event.
- Over 15,000 payments were processed during the three day period with Saturday 28th November being the busiest day (shown in red) followed by Friday (show in blue) and Sunday (show in yellow) being the quietest as the festival drew to an end.
Due to extremely low network fees of just 0.000902 FUSE at a market price of $0.052, the total cost of all transactions for the event was just $0.70. This was exceptional as network fees were lower than they normally should be. A vote is being put to network validators in the coming weeks to increasing fees by 100X meaning that fees for this event would still have settled at a highly competitive $70 in total!
- 35,000,000 Thai Bhat = $1,161,000 were transacted during the event.
Blockchain — The Future of Mobile Payments
The ease with which Mystic Valley’s mobile payment solution was implemented demonstrates why the future of money and mobile payments belongs on open-source technology.
Fuse’s blockchain network is permissionless, meaning that anyone can launch a payment system on top of it whether it is for a yearly event like the one organized by Mystic Valley, or for a long-term solution designed to support micro-economies and communities.
Implementing a traditional point of sale system using legacy infrastructure which supports Visa, Mastercard, Apple Pay, and other products that are integrated with the banking system would have required a substantial budget, taking into account hardware, licensing, and service costs.
The team at Bitazza was able to launch with Fuse by simply forking the existing wallet and adding functionalities that were specifically needed for the event.
We would like to thank our partners for using Fuse and hope to be able to partner more with them on other similar deployments in the future!
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