The Paris 2024 Summer Olympics witnessed millions of sports fans pouring into the city to soak up the experience – catching the games, visiting the Louvre, booking a stay near the River Seine, or getting their hands on the muffins made famous by Olympic Muffin Man, Henrik Christiansen!
But this year, the Olympic Games weren’t just about athletes, fans and tourism—they were a groundbreaking showcase for the future of cross-border payments, setting a new global standard for financial innovation.
The rise of contactless payments in sporting events
The Paris 2024 Summer Olympics set a new standard with cashless payment options, including debit, credit and mobile payments [1], at 3,500 [2] points of sale across 32 Olympic venues and 16 Paralympic venues offered exclusively by Visa.
And it does not end there. Fintech organisations are truly catering to the preferred methods of their users and providing a seamless experience for travellers to pay with their digital wallets. For instance, the Paris Olympics implemented POS terminal solutions, which accept over 16 popular e-wallets from the Asia-Pacific region. Another example is visitors using Unified Payments Interface (UPI) apps for digital payments. UPI technology integrates multiple bank accounts into a single mobile application, combining multiple banking features, seamless fund transfers and merchant payments into one platform. During the Paris 2024 Summer Olympics, Indian travellers were seen using JioFinance, one of the leading UPI apps to purchase tickets for the Eiffel Tower or make in-store purchases at Galeries Lafayette Haussmann.
For international sporting events, supporting popular global payment methods like major credit cards and mobile payments is essential for creating a frictionless experience for visitors. By enabling consumers to pay with their preferred, familiar options, merchants can significantly enhance the buying experience and boost sales. Tailoring payment options to specific demographics, such as offering local e-wallets for Southeast Asian visitors, further smooths transactions and encourages spending. Implementing self-service solutions, like printed QR codes, speeds up payments and shortens queues, ensuring a convenient and efficient experience during peak times.
Other large sporting events are sharing the trend, boosting optimism about the future of digital payments. The FIFA World Cup Qatar 2022™ installed 5,300 [3] contactless-enabled payment terminals at official venues, making it the most payment-enabled FIFA tournament ever. An impressive 89% [4] of all transactions at the venues were contactless. The UEFA EURO 2024 [5], held in Germany, saw a remarkable rise in the use of digital wallets in the opening week. The total value per transaction increased by 56%, boosting business across food & beverage, retail and travel. And there was an impressive 29% increase in wallet payments from the year 2023.
Furthermore, mobile wallets and dedicated apps are transforming transactions and fan engagement within arenas. These tools allow spectators to make purchases, accrue rewards and unlock exclusive content—all from their smartphones. [6]
The balancing act of security and convenience
Digital payment systems in sports stadiums have built-in security features [7] like authentication and encryption protocols that minimise the chances of fraud or counterfeit money. Many sports venues employ a transient [8] workforce, increasing the likelihood of employee theft. Cashless payments reduce these risks by making unusual payment anomalies easier to identify through digital transaction data.
Also, leading payment gateways employ robust encryption, authentication and fraud prevention measures to ensure that no sensitive data is compromised during digital transactions. As a result, spectators can rest assured that they are not at risk of identity theft, scams, account takeover and other similar threats. These gateways also enable businesses to accept multiple currencies and handle exchanges seamlessly, satisfying customers and encouraging them to spend more. This eliminates the hassle of obtaining or carrying foreign currency or traveller’s cheques.
The rise of wallet payments is particularly exciting for us at TerraPay. Registered in 31 global markets, we are connected to an extensive network of over 2.4 Bn+ wallets across the globe, enabling access for banks and other licensed financial institutions to connect to wallets in emerging markets like Africa and Southeast Asia. Key drivers like consumer behaviour, digitalisation of payment methods is only going to accelerate the expansion of cross-border use cases for wallet payments.
The future of payments in sporting events and beyond
It is no surprise that wallets are surpassing every other payment method and leading the way in POS (Point of Sale) payments with 43% of POS volume. The future of digital wallets lies in a perfect balance of security, convenience and user-centric design. Convenience is a cornerstone, with intuitive interfaces and accessibility across devices making financial management effortless and flexible. Interoperability further amplifies their value, allowing seamless integration with various payment methods and broad acceptance across a diverse network of merchants. A personalised user experience, enhanced by tailored insights and fast transaction processing, keeps users engaged and satisfied.
As these elements converge, digital wallets will continue to evolve, setting new standards for secure, efficient and rewarding financial experiences and opening up endless possibilities in cross-border payments.
Explore our digital wallets page or connect with us to discover how TerraPay can unlock access to a vast, seamless digital wallets network.