Global Reach: How the Olympic Games Showcase Digital Payments ?

Paris 2024 or 2024 Summer Olympics is right around the corner, and the excitement among potential spectators and event attendees around the globe is almost palpable. All set to light up one of the most romantic cities in the world this time, the Olympic games history most likely dates to 776 BC. Started originally by the Ancient Greeks, Olympic games showcase the physical and mental prowess of top athletes besides promoting peace, fairness, solidarity, friendship, integrity, and inclusion. The multi-sport event offers a level playing field for all 196 nations. But that is not all. In recent times, Olympic events have turned a bright spotlight on advancements in the Fintech landscape, especially digital payments.

Let’s delve into how Olympics games have been driving the worldwide surge in digital transactions and why the trend is expected to continue in 2024 too.

What do People Pay for during Olympics?

No matter where they are held, Olympics games witness countless spectators from countries far and wide. The event in Paris this year will be no exception. And besides paying for different event tickets, spectators are likely to shell out money for:

• Souvenirs or Memorabilia: From official jerseys, hoodies, and t-shirts to caps, keychains, scarves, bags, and toys, Olympics games memorabilia can be of numerous kinds. And serious fans always buy one or more of these, whether they are watching the events in-person or from home. This means, international payments spike significantly.
• Tourist Attractions: Those who fly to a different country or city to attend Olympics games usually use the opportunity to visit the top sights there and make a memorable holiday of it. And they end up paying entry fees for many such attractions, like museums, art galleries, amusement parks etc.
• Hotels: Fans who attend Olympics games in person book hotels, apartments, or homestays as per their budget and taste. Naturally, the hospitality sector sees more payments too.
• Food and Drink: It goes without saying that restaurants, pubs, clubs, and lounges in the host country end up selling more during Olympic events. Even virtual spectators often head to popular eateries to enjoy the games with friends and family.

Apart from the above, spectators might have to spend for emergencies, medical or otherwise. Essentially, financial inclusion becomes crucial at a major event like Olympics since people from various countries (used to different currencies and payment methods) flock together.

How Digital Payments are Transforming Olympics

Here are the ways in which digital payments ease life for both spectators and businesses during the Olympics:

• Cashless transactions: Irrespective of their origin country, spectators don’t need to carry large amounts of cash for different transactions. It is safe against theft as well as convenient. Whether it’s a physical store or website, they can simply pay via an online payment gateway in seconds and avoid long queues or the problem of insufficient change.
• Multiple payment modes: From mobile wallets and internet banking to payment links and QR codes, there are multiple ways for spectators to make payments as per their comfort level. It also helps businesses to drive more conversions and earn more as they offer flexibility to customers.
• Support for different currencies: The best payment gateways allow businesses to accept multiple currencies and handle exchanges seamlessly. This satisfies customers and motivates them to spend more. They don’t have to deal with the hassle of obtaining or carrying foreign exchange or traveler checks either.
• Contactless payments: In the light of the COVID pandemic, it has become more important than ever to maintain hygiene and sanitary conditions with large crowds around. And digital payments (often requiring a simple tap or scan) facilitate the same.
• Cybersecurity: Leading payment gateways use robust encryption, authentication, and fraud-prevention measures to make sure no sensitive data is compromised during digital transactions. Hence, spectators don’t need to worry about identity thefts, scams, account takeover, and so on.

 Paris 2024 to Reach Global Heights with Digital Payments

 So, by now, you have a clear idea of how digital payments have been revolutionizing the Olympics games and why Paris 2024 will take it all up by several notches. Spectators from around the world can look forward to a frictionless and unforgettable experience with cashless and contactless payments, whether they are gearing up for an event, heading to the Louvre, booking a stay near the River Seine, or shopping for macarons. In the UAE and everywhere else, virtual spectators can shop online for souvenirs or visit restaurants for sumptuous meals in front of massive screens without worrying about payments. And businesses can make the most of it by raking in more revenue than ever.