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Visa Brings Digital Payments to Rio 2016 Olympic Games

BUSINESS

Visa Brings Digital Payments to Rio 2016 Olympic Games

Visa will this year implement 4,000 POS terminals across key Olympic venues, as well as 11 ATMs in partnership with Bradesco. The company made this announcement as it celebrated  100 day milestone to the Rio 2016 Olympics Games.

Visa, which has been the exclusive payment provider of the Olympic games for 30 years now has been creating and managing the entire payment system infrastructure and network throughout all venues in the Olympics, including stadiums, press centers, point-of-sale (POS), the Olympic Village and Olympic Superstores. T

Visa also announced that it will be extending the value of its sponsorship to Olympic Games host cities, facilitating the development and advancement of payment infrastructure in those markets. This year Visa will also introduce acceptance of new technologies and innovation throughout Rio, focusing on new ways to pay including payment wearables and mobile phones – letting fans swipe, tap, dip or click to pay in Rio.

“Visa has always stood for universal acceptance and the most secure and fast way to pay across merchants, borders and currencies,” Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc said.  “As we prepare for the Rio 2016 Olympic Games, Visa is transforming the way fans pay, giving them choice in how they want to pay for anything, anytime and everywhere.”

Visa projects that Brazil will host an estimated 400,000-500,000 international visitors during the month of August, based on trends observed in recent summer editions of the Olympics. Visa data points to 2016 inbound travel to Brazil increasing by an estimated 1.2 million travelers for the year, compared to the 2010-2015 average, primarily due to preparations for the Olympics Games.

The largest share of travelers to Brazil are forecast to come from Latin America and the Caribbean region (45 percent of all international travelers), followed by Europe (30 percent) and North America (15 percent).

Based on historical data from past Olympic Games, Brazil can expect to see an increase in per traveler spending. During the London 2012 Olympic Games, spending averaged $1,830 per traveler, which was twice as much per visit than regular tourists to the United Kingdom in 2012.

“This data speaks to the increase in commerce generated through the Olympic Games,” said McCarthy. “More than 200 nations, 10,000 athletes, their families, friends and fans are expected to gather in Rio this summer to enjoy this truly global celebration of sports and athletics.  Visa is excited to be part of their journey.”

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Nixon is a Kenyan based freelance journalist and blogger interested in all things Tech & Business. Also a Public Relations (PR) expert, Founder & Editor of TechTrendsKE. For pitches, story ideas, guest posts or sponsored content, drop me an E-Mail at nickcanali@gmail.com or call +254 727 503 198.

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