Visa, Olympic Committee Pair On Integrated Payments

Visa has announced that it is partnering with the International Olympic Committee (IOC) and the International Paralympic Committee (IPC) to offer enhanced payment technology for fans of the Olympics and Paralympics.

Through its global network of 11 Innovation Centers, Visa will utilize its experience in transit, retail and conversational commerce to be the payment provider of faster and easier payment experiences for Olympics fans, including mobile ticket purchasing, in-seat ordering and retail purchases that can be made directly from a consumer’s television.

“There has been no better payment technology partner historically and there is no better payment technology partner for the future we are building together,” President Thomas Bach, IOC, said in a press release. “As we introduce innovations that help improve fan experiences both on site and at home, we know that no matter where in the world the Olympics take us, Visa is the right partner to help us deliver them.”

The news comes after the company recently renewed its partnership with the IOC through 2032, extending a relationship that has been going on for more than 30 years. This secures Visa's position as the exclusive payment technology provider and the only card accepted at the Olympic Games.

The company revealed its plans for three Olympic Games-inspired payment options on Thursday (October 11) at a media event in Beijing. Some of the methods showcased include biometric authentication for stadium entry, new imaginings of remote digital ticket purchase, streamlined retail shopping, and in-home couch commerce using augmented reality.

“Our Global Innovation Centers are immersed in solving everyday consumer challenges and discovering improved commerce experiences that can be shared and scaled globally,” said Ryan McInerney, President of Visa, on stage at the Beijing event. “Planning for the upcoming Olympic Games helps Visa develop industry-leading payments solutions that will redefine fan experiences and leave a legacy of improved digital commerce everywhere.”



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.