Payments and the summer of sports

From blockchain in sports broadcasts to NFT football cards, fintech has been instrumental in changing the way we play, watch, and support sports. As the 2024 Olympics comes to a close, Azimkhon Askarov, Co-partner of CONCRYT, looks at the payments lessons learned and the ways fintech can provide a unique opportunity for sports to redefine payments, experiences, and brand interactions.

Big sporting events have always had a significant impact on payment trends, influencing how consumers spend money and how businesses process transactions. For instance, major sporting fixtures can see a surge in the use of contactless payments, with fans attending events often preferring the convenience and speed of tapping cards or mobile wallets over cash transactions. We saw this during the 2018 FIFA World Cup, there was a significant rise in contactless payments, with Visa reporting that more than half of transactions at venues were contactless.

Similarly, during the Tokyo Olympic Games, we saw a spike in biometric payment authentication, wearables and apps with digitally-issued cards, all of which made payments at the event easier, faster and more secure. 

So, what trends have emerged during this summer of sports, and what can we learn from them?

Payment trends at this summer’s events

Beyond the incredible athleticism and competition on display, this year’s Olympics and Euros have also served as a proving ground for technological innovation, particularly when it comes to payment systems.

For the Paris 2024 games, Visa provided the most technologically-advanced payment systems available, including contactless-enabled devices and new wearable payment innovations, such as Visa Go, a new mobile app for Olympic attendees who are Visa cardholders. It offered access to unique experiences and exclusive content, and spotlighted Team Visa athletes to share their progress during the Games.

Even better was the fact that, across 3,500 points of sale (POS) and 32 Olympic venues, Visa implemented a custom payment services solution designed to bring seamless, contactless payment acceptance to athletes in the Olympic Villages and global attendees alike. 

Earlier in the summer, AliPay became official partners of UEFA Euro 2024. On match days, fans were able to use their Alipay+ payment partner apps from home at most host stadiums and pay with their mobile payment app at 10,000+ stores in Germany, enjoying not just convenience, but special deals and competitive foreign exchange rates. This was also a win for European merchants, who could connect with Asian travellers by accepting digital payments on their mobile phones. 

Other card services and payment providers now have to think about how they can take seamless payment offerings to the next level for fans already planning for the 2026 World Cup, and the 2028 Olympics.

The future of payments in sporting events

The future of payments in sporting events is likely to see significant transformation driven by technology, consumer preferences, and innovations in financial services. We can, of course, expect to see the use of mobile wallets continue to grow, allowing fans to make quick, contactless payments at stadiums using their smartphones or wearable devices.

NFC Technology: Near Field Communication (NFC) technology enables contactless payment, and its adoption in stadiums and venues is also likely to increase, reducing the need for cash transactions.

Beyond this, payments via biometric authentication, such as facial recognition and fingerprint scanning, will become more prevalent, enhancing security and convenience, and some venues might also experiment with voice recognition technologies as a method for verifying identity and processing payments.

Additionally, more venues will likely start accepting cryptocurrencies like Bitcoin and Ethereum. This will not only provide sports fans with another convenient payment option, it’s a chance to offer exclusive promotions to crypto users, which will encourage crypto use and potentially unlock its wider acceptance outside these big events. Similarly, upcoming events will be a good way to test out blockchain ticketing for issuing and verifying tickets, reducing fraud and enhancing transparency in secondary ticket markets.

But as interconnectedness becomes an expectation among consumers, venue apps will become more prevalent, acting as central hubs for everything from ticketing and payments to navigation and fan engagement, offering seamless integration of various services. As such, the Internet of Things (IoT) devices will play a crucial role in enabling seamless transactions, such as automatic payments for parking or concessions through connected cars and smart devices.

We may also see the fan experience enhanced through things like smart seats with integrated payment options for ordering food and merchandise directly from the seat. But as digital payments increase, so will the need for advanced encryption and security protocols to protect against fraud. I expect to see AI systems increasingly employed to detect and prevent fraudulent activities in real-time, providing a secure payment environment.

Putting fans at the centre of transaction innovation

The integration of digital payments we’ve seen this summer has gone beyond mere convenience; it’s about enhancing the overall experience for everyone involved, and underscores just how much consumer expectation drives payments innovation.

The future of payments in sporting events will undoubtedly be characterised by increased convenience, enhanced security, and hyper personalised experiences. As technology continues to evolve, sporting venues and the payments industry will both need to adapt to meet the expectations of tech-savvy consumers, ensuring a seamless and enjoyable experience for all attendees.

Big sporting events reflect the broader trends we see in consumer behaviour and technological advancements, and as such, they will continue to drive innovation and the adoption of new payment technologies. Every big event sees incremental steps towards and ever more seamless payments experience. For me, seeing what that next step will be is as thrilling as the action inside the stadium.