UK tech firm tappit has signed a three-year deal to provide its cashless solution to Formula 1’s Australian Grand Prix.

The season gets underway this weekend in Melbourne and the deal will initially see the exclusive payment method implemented at the bars for Club 15 – located at the penultimate corner of the Albert Park track – the Piquet Premium Grandstand and the Ricciardo Premium Grandstand.

Motorsport fans at the three bars will be able to use a prepaid contactless wristband to pay for food and drinks. The quick payment method reduces queue times so fans can spend more time enjoying the thrill of the action.

The aim is then to expand the service to the entire event, which attracts around 300,000 fans over four days, in subsequent years.

Jason Thomas, CEO of tappit, said: “One of the exciting things about providing tappit’s cashless solution to an event as prestigious and high-profile as this is that we can provide rich data into where, when and what the fans are buying.

“We’re excited to grow with the Australian Grand Prix Corporation over the next three years and together improve the event experience for all attendees.”

Andrew Westacott, CEO at the Australian Grand Prix Corporation, said: “Club 15 is the place to experience the penultimate corner as drivers battle for position before rocketing down Walker Straight or diving into Pit Lane.

“Now being powered by tappit, fans don’t have to miss a second of the action.”