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Visa working to boost cashless payments in advance of 2020 Tokyo Olympics

Visa is the official global payment technology provider for the 2020 Tokyo Olympics.

July 24, 2019

Visa Inc. said it working on a series of innovative payment experiences in advance of the 2020 Olympic Games in Tokyo, where Visa is the official payment technology partner. 

"There is virtually no other market in the world today that compared to Japan — it is the world's third largest economy and a leader across many industries, yet commerce remains predominantly cash based," Stephen Karpin, representative director and country manager of Japan, said in a press release. "Visa embraces the Olympic Games as an opportunity to offer cutting edge payment technologies at venues and the Olympic Village, and throughout the host country to truly enhance the fan experience."

Visa cited statistics showing about one fifth of all transactions in Japan use digital methods, in contrast with about 90% in South Korea, 60% in the U.S. and 70% in China. Visa said it is taking several steps to boost payment experiences prior to the Olympics: 

• Visa is working with quick-service restaurants, convenience stores and transit to enable contactless payments at the point of sale and drive adoption. 
• Visa is also exploring biometric payment authentication and wearables to new mobile applications that will include digitally issued cards. 

Cover photo: courtesy of Visa