The Olympics are a time for pushing the boundaries of what’s possible.
Beyond the awe-inspiring athleticism, the Olympics also serve as a proving ground for technological innovation, particularly in the realm of payment systems.
And with the news that for the Paris 2024 games, Visa has provided the most technologically advanced payment systems available — including contactless-enabled devices and new wearable payment innovations — getting back to first principles, where the consumer experience is paramount, is top of mind for payments innovators.
For example, Visa Go, a new mobile app for Olympic attendees who are Visa cardholders, offers access to unique experiences and exclusive content, as well as spotlights Team Visa athletes and shares their progress during the 2024 Paris Games.
But the real news for payments fans is the fact that, across 3,500 points of sale (POS) and 32 Olympic venues, Visa has worked to implement a custom payment services solution designed to bring seamless, contactless payment acceptance to athletes in the Olympic Villages and global sports fans coming to cheer on their national athletes alike.
The integration of digital payments into the Olympic Games goes beyond just convenience; it’s about enhancing the overall experience for everyone involved. For athletes, the focus is on performance without the hassle of managing cash or cards. For fans, it’s the ease of buying merchandise, food and drinks without missing a moment of the action.
And it underscores just how much consumer behavior and expectation drives payments innovation.
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The Olympic Games serve as a powerful platform for demonstrating the potential of digital payment technologies. Hosting the Games requires seamless, efficient transactions for millions of visitors, vendors and organizers, and this necessity has driven payment providers to develop and showcase cutting-edge solutions, often setting trends that ripple out into the wider world.
“Business that can adapt to very convenient ways for customers to pay are going to win in the long run … so staying on top of offerings for a streamlined payment and checkout approach is a heavy focus,” Justin Downey, vice president of product at Maverick, told PYMNTS.
The success of contactless payment technologies at the 2024 Olympics indicates a growing trend towards more user-centric payment experiences in various sectors. As these innovations continue to evolve, they promise to make transactions more convenient, secure and accessible for end-users.
“Whenever there’s a transfer of payment or money, there’s an opportunity to enhance [the process] and drive a better customer experience for consumers as well as businesses,” Wally Mlynarski, head of merchant solutions and receivables at Bank of America, told PYMNTS in May.
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As payment technologies evolve, the focus has increasingly shifted towards creating user-centric experiences. This approach prioritizes convenience, speed and security, addressing the needs and preferences of users to deliver seamless transactions. The Olympics, with their diverse and international audience, serve as an ideal platform to showcase these innovations.
“Today’s consumers are looking for fast and convenient and personalized experiences that suit how they want to shop and where they want to shop,” Claudia Schaefer, vice president, strategic client management, Discover® Global Network, told PYMNTS.
“The more opportunities merchants have to incorporate those seamless, secure payment experiences, the more they will ensure that their consumers continue to engage with them, continue to buy from them, because they’re offering a simple and easy solution to enable the experiences the consumer wants,” Schaefer added. ““Overall, the theme is that consumers want less friction in their lives.”
PYMNTS Intelligence’s new study, “Why More Restaurants Need to Bite Into Digital Transformation,” delves into consumers embracing technologies like digital wallets, mobile apps and QR codes because they not only meets the preferences of tech-savvy diners, but also enhance operational efficiency and empower staff to elevate the overall dining experience.
Per the report, 62% of diners at full-service establishments prefer contactless payments, with 57% favoring digital wallets, 55% smartphone apps and 46% QR codes.
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