Visa (NYSE: V) has celebrated the 100-day milestone to the Rio 2016 Olympic Games. In its 30th year as the exclusive payment provider of the Olympic Games, Visa is creating and managing the entire payment system infrastructure and network throughout all venues including stadiums, press centers, point-of-sale (POS), the Olympic Village and Olympic Superstores.
This year Visa will implement 4,000 POS terminals across key Olympic venues, as well as 11 ATMs in partnership with Bradesco.
Visa also extends 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,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc. “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.”