Visa to launch innovative payment mechanisms for Tokyo 2020

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Visa is ready to launch innovations around payment mechanism for Olympic and Paralympic Games fans. The company has announced that fans will experience improved and integrated payment experience during Tokyo 2020 Olympic and Paralympic Games.

This summer the global payments and financial services company has renewed its partnership with the International Olympic Committee (IOC) through to 2032 – and, a few months on, it has said it will use its innovation centres to bring new experiences to sports fans.

The company said it will leverage its transit, retail and conversational commerce expertise to propose “forward-looking payment experiences for Olympic Games fans”, including remote, mobile ticket purchasing, in-seat ordering and new ways to pay at retail such as making a purchase through viewers’ television.

IOC president Thomas Bach noted: “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.”

Visa has been the exclusive payment sponsor of the Olympics for over 30 years now, but at an event in Beijing last week the company shared blueprints for new payment methods which might be seen at future Games. Remote digital ticket purchasing, biometric authentication for stadium entry, smarter and streamlined retail shopping, and “in-home couch commerce” using augmented reality were showcased.

Ryan McInerney, president of Visa, said: “Our global innovation centres are immersed in solving every day consumer challenges and discovering improved commerce experiences, that can be shared and scaled globally. 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 next Olympic and Paralympic Games take place in Tokyo in the summer of 2020.

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