The Paris 2024 Olympics are set to be the "event of the century", both in terms of sporting achievements and the impact on the payment industry. The CDES (Centre for Sports Law and Economics) estimates the economic benefits at 9 billion euros. This presents an exceptional opportunity for French merchants, especially those in Paris, where 85% of the competitions will take place. Tony Estanguet, President of Paris 2024, emphasized that while the Olympics "highlight sports," they also aim to "create an economic impact."
The Importance of Payment on the Tourist Experience
To make the experience of millions of spectators and tourists smoother, safer, and more enjoyable throughout the event, organizers and merchants must adopt innovative payment strategies. These include advanced, robust, and secure payment solutions tailored to both local and international customers. Digital and contactless payments are expected to play a significant role during the event and to become more widespread beyond the Olympics.
Each Olympics, Its Own Payment Landscape
Over the years, payment solutions at the Olympics have evolved significantly. From cash and card payments to digital and mobile payments, each edition has seen significant improvements. The Paris 2024 Olympics mark a decisive turning point with the widespread adoption of contactless and mobile payments.
The Importance of Choosing the Right Payment Solutions
Contactless payments, based on technologies like NFC and QR codes, will be ubiquitous at Paris 2024. These solutions will enable fast and secure transactions, reducing queues and facilitating purchases for visitors. Spectators will be able to pay for tickets, meals, and souvenirs with a simple gesture on all types of devices (terminals, mobiles, hybrids, or self-service kiosks).
"The Games will be a significant turning point for SoftPOS technology, which should boost merchant adoption in the coming months and years," says Aude Vicaire, CEO of Market Pay Tech. For this type of event, it is important to choose a payment solution that can be activated in a few clicks and used easily. This is particularly true for Market Pay's PayWish solution, which allows very easy acceptance of contactless payments via a simple app installable on a smartphone. More than ever, payment fluidity will be crucial during the Olympics to avoid cart abandonment.
Regarding loyalty and personalized shopping, Market Pay's Pay On Site solution also includes a loyalty module, tipping options, and integration with Android applications: an interesting way to enhance the shopping experience!
Meeting the Needs of Local and International Customers
Relying on its historic partnership, exclusive payments at all Olympic sites will be made via Visa cards. However, wallets such as Apple Pay, Google Pay, and Samsung Pay and international schemes will be widely used outside the sites by the millions of tourists coming to Paris. Merchants must ensure that their payment solutions cover all these methods to offer suitable local and international payment options for this clientele.
"The Olympics will attract a large number of foreign consumers to retail sites. Payment solutions must be adapted to their habits. This could mean expanding payment options – Amex for Americans, Alipay for Asians, etc. – to meet the demands of this internationalization," adds Aude Vicaire, CEO of Market Pay Tech.
The Crucial Issue of Payment Security
"Olympic excitement will create areas of uncertainty that cybercriminals will seek to exploit," concludes Aude Vicaire, CEO of Market Pay. These Games put France on the international stage, so it is important for merchants to ensure that their payment solutions comply with security standards and also protect their customers against personal and banking data theft.
A Great Opportunity for Local Businesses
By opting for advanced payment solutions for the Olympics, local businesses will have a unique chance to maximize their revenue. The new payment technologies offered by payment providers will help manage a significant influx of customers, speed up transactions, reduce queues, and improve customer satisfaction from around the world.
In Conclusion
The Paris 2024 Olympics will be a unique moment to test the speed, security, and fluidity of payment methods that have become widely digitalized and diversified. The future prospects are promising, and major international events are a unique moment that contributes to the broader adoption of new payment technologies. Paris 2024 could well mark the beginning of a new era for digital payments, laying the foundations for a lasting revolution in the financial transaction industry.
