SIX Payment Services, one of Europe's largest card transaction processors, is assisting events organizers across Austria, Belgium and the Netherlands to go cashless this year.

The trend toward cashless events is growing, and includes sporting competitions, music festivals, food and drink pop-up events and fairs, a press release from SIX said.

Cashless transactions are typically much faster than cash purchases, and eliminate the need for additional security to handle and store cash, according to SIX.

Cashless events can present challenges, though. For instance, Austria's Nova Rock Festival, which was held in "a very rural location," required miles of cabling to ensure a reliable internet connection, the release said.

Despite the challenges, SIX has tripled the number of cashless events served and plans to continue to grow its cashless proposition in the future.

"The notion of a cashless festival was met with some opposition a few years ago, but with more and even larger showcases cashless seems to become state of the art," Thomas Grabner, managing director of SIX Payment Services in Austria, said in the release. "We are seeing more and more events going cashless as a way to boost customer experience and increase efficiencies."