Ask any fan or facility manager about the biggest drawback of attending in-person sporting events, and they’ll likely point to the time spent standing in queues to purchase tickets, food and beverages and memorabilia.
The solution to this issue? Digital payments.
Digital payments have become an integral part of our daily lives, with sporting events being no exception. With the rise of online ticket sales, merchandise purchases and in-stadium transactions, digital payments offer a secure, quick and convenient method of payment.
For instance, recently the Paris 2024 Summer Olympics witnessed global spectators accustomed to different currencies and payment methods, spending on event tickets, souvenirs, tourist attractions, hotels, food and drinks. Digital payment options were at the forefront of this event, offering a seamless experience to spectators, whether they were preparing for the event, 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!
Let’s take a detailed look into how digital payments are transforming sporting events, enhancing the fan experience and streamlining transactions for all stakeholders.
The rise of contactless payments
As consumers are increasingly drawn to the speed and ease of use offered by digital payments, contactless payments are leading this trend, enabling users to simply wave their cards or tap them on an NFC-enabled device. A recent poll found that contactless payments have passed the tipping point, with 51%1 of consumers now using contactless cards and mobile wallets.
International sporting events are guiding the way in adopting contactless payments. For instance, the FIFA World Cup Qatar 2022™ installed 5,3002 contactless-enabled payment terminals at official venues, making it the most payment-enabled FIFA tournament ever. The tournament also piloted innovations such as instantly issued prepaid cards with animated card art and supported facial biometric payments. An impressive 89%3 of all transactions at the venues were contactless.
Going cashless
Cashless systems in sports stadiums offer fans a seamless experience, eliminating the need to carry physical currency that can be lost or stolen. With a simple tap or swipe, attendees can make purchases quickly and comfortably, regardless of their country of origin. This shift reduces transaction times, decreasing the time fans spend in lines and enhancing overall comfort. Vendors benefit as well, with quicker sales, smoother service flow and the ability to sell more goods.
The King Power Stadium4 in Leicester City, along with Luton Town, Leyton Orient, and Derby County stadiums5 in the UK, have adopted digital check-out-less payment technology. Prominent stadiums like Ireland’s Croke Park Stadium, Germany’s Jahnstadion Regensburg, and sports facilities in Switzerland and Ukraine are also embracing digital payments. Similarly, nearly all Major League Baseball ballparks, all 30 NFL stadiums and NBA/NHL arenas like the United Center in Chicago have gone cashless6. Some venues also offer “reverse ATMs” to load cash onto prepaid cards, while others provide mobile ordering for concessions for food and beverage.
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.7
For international sporting events, it’s vital for merchants to support widely used international payment methods such as major credit cards and popular mobile payments. This ensures that global visitors can pay using their preferred and familiar methods, reducing friction and enhancing their buying experience. Recognizing and integrating local payment methods preferred by specific visitor demographics can also significantly boost sales. For example, visitors from Southeast Asia might prefer using local e-wallets. Catering to these specific preferences can make transactions smoother and encourage more spending. Implementing self-service payment options, such as printed QR code solutions, can expedite payments and reduce queues. This approach not only improves the customer experience by offering convenience but also meets the heightened demand efficiently during peak event times. For instance, Silkpay offers essential online and in-store payment solutions to manage the influx of customers during the Olympics.8 They also provide PayByLink, Mobile POS, printed QR codes, and payment plugins, supporting over 30 global payment methods, ensuring seamless and efficient transactions.
For instance, Silkpay offers essential online and in-store payment solutions to manage the influx of customers during the Olympics8. A key feature is the POS terminal solution, which integrates Alipay+ to accept over 16 popular e-wallets from the Asia-Pacific region, including Kakao Pay, Naver Pay, Toss Pay (South Korea), Alipay (China), ezlink, GrabPay (Singapore), Billease, Maya, GCash (The Philippines), LINE PAY, True Money (Thailand), Dana, DOKU (Indonesia), Boost, Touch n Go (Malaysia), Alipay HK (Hong Kong), and MPay (Macao). Additionally, Silkpay provides PayByLink, Mobile POS, printed QR codes, and payment plugins, supporting over 30 global payment methods, ensuring seamless and efficient transactions.
Paris 2024 Summer Olympics set a new standard with cashless payment options, including debit, credit, and mobile payments 9, at 3,500 10 points of sale across 32 Olympic venues and 16 Paralympic venues offered exclusively by Visa. For those without a cashless payment method, Visa prepaid cards were available at dedicated kiosks, or they could download applications available globally.11 Visa also launched Paris 2024 Olympic and Paralympic-themed credit and debit cards in partnership with Bulgaria’s Fibank offering customers unique benefits. Visitors went cashless outside the venues as well, with merchants across Paris witnessing increased use of digital payments, particularly among younger demographics.
But what about security and convenience?
Digital payment systems in sports stadiums have built-in security features12 like authentication and encryption protocols that minimise the chances of fraud or counterfeit money. Many sports venues employ a transient13 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.14 This eliminates the hassle of obtaining or carrying foreign currency or traveller’s cheques.
At TerraPay, we champion borderless, seamless and compliant payments. Registered in 31 global markets, we connect banks, mobile wallets and merchants to a worldwide network, including emerging markets in Africa and Southeast Asia. Our solutions enable merchants to accept payments from all mobile wallets, expand their customer base and facilitate cross-border payments in local currencies. With transparent fees and seamless API integration, we accelerate market entry and support 71 currencies across 210+ send and 140+ receive countries.
Integrating TerraPay’s solutions can ensure secure, efficient and convenient payment experiences, transforming transactions at international sporting events.
What’s in store for 2028 and beyond?
Going ahead tech innovation will be a key objective for the IOC, with global business consulting firm Deloitte supporting its digital transformation strategy. The Olympic committee will leverage Deloitte’s tech services and expertise to replace legacy systems and personalise the fan experience, with a partnership extending through to 2032.
Interestingly, the financial services sector has been tapping into the Olympics ecosystem by recruiting former athletes to lead their firms. Companies are recognising the value of employing hyper-competitive individuals in a highly competitive industry.
This year, former GB archer Helen Bierton, who competed at the Athens Summer Olympics in 2004, was appointed director of everyday banking for Lloyds. Also, former junior fencing Olympian Nico Simko rose through the ranks at JP Morgan before founding the digital banking platform Clair. In the UK, NatWest is partnering with Team GB, providing competitors with resources to help them set up small businesses15.
From building the payment infrastructure for the games to discovering the next fintech leaders, the connection between financial services and the Olympics is undeniable. With both aiming to bring the world together and celebrate innovation, this exciting partnership will only grow stronger.