Home / Business and Economy / Cashless Games Highlight EU Payment Woes
Cashless Games Highlight EU Payment Woes
15 Feb
Summary
- Visa is the sole card provider at the Olympics.
- EU is pushing for a digital euro to boost economic security.
- Shops are increasingly rejecting cash payments across Europe.
At the Milano Cortina Games, Visa's exclusive sponsorship deal with the International Olympic Committee, effective until 2032, means it is the sole card provider. Signs explicitly state "Card payment? We accept only Visa," and prepaid cards are readily available. This situation mirrors a broader European concern regarding foreign payment provider dominance and the decline of cash usage.
The EU Council has endorsed the digital euro project, deeming it crucial for Europe's economic security and intended for anytime, anywhere payments within the euro area. Concurrently, EU lawmakers are developing rules to enforce mandatory cash acceptance by shops and service providers, with exceptions for remote or unmanned services.
Despite Visa's exclusivity, cash is accepted at Olympic stores, and ATMs are available. However, firsthand accounts from attendees reveal a strong preference for card payments, with some visitors needing to withdraw cash specifically because they lacked Visa. Shop assistants estimate only one-sixth of customers use cash.
European Central Bank Executive Board member Piero Cipollone noted that international card schemes like Visa and Mastercard handle two-thirds of euro area card transactions. He emphasized the need to address and reverse current dependencies in retail payments. The push for a digital euro, intended to function both offline and online, is seen as vital for maintaining control over the EU's economic destiny.
