From the implementation of blockchain technology in sports broadcasts to the advent of NFT football cards, fintech has profoundly transformed how we engage with sports—whether we are playing, watching, or supporting. As the curtain falls on the 2024 Olympics, Azimkhon Askarov, Co-partner of CONCRYT, delves into the payment innovations that emerged and explores how fintech offers unique opportunities for sports to revolutionize payments, fan experiences, and brand interactions.

Major sporting events have historically shaped payment trends, affecting both consumer spending habits and business transaction processes. These events often see a spike in the use of contactless payments, driven by fans who prefer the speed and convenience of tapping cards or using mobile wallets over traditional cash transactions. For example, during the 2018 FIFA World Cup, contactless payments surged significantly, with Visa reporting that more than half of all transactions at the venues were contactless.

Similarly, at the Tokyo Olympic Games, we witnessed a substantial increase in the use of biometric payment authentication, wearable devices, and apps equipped with digitally-issued cards. These technologies streamlined payments at the event, making them quicker, safer, and more efficient.

So, what new payment trends have we observed during this summer’s sports events, and what lessons can we glean from them?

### Payment Trends at This Summer’s Events

This year’s Olympics and Euros were not only showcases of athletic prowess but also testing grounds for cutting-edge payment systems. The Paris 2024 games featured Visa’s state-of-the-art payment solutions, including contactless-enabled devices and innovative wearable payment technologies like Visa Go—a mobile app designed for Visa cardholders attending the Olympics. This app provided access to exclusive experiences and content while highlighting the progress of Team Visa athletes during the Games.

Across 3,500 points of sale (POS) and 32 Olympic venues, Visa introduced a customized payment service solution that facilitated seamless, contactless payment acceptance for athletes in the Olympic Villages and global attendees alike.

Earlier in the summer, AliPay became an official partner of UEFA Euro 2024. On match days, fans could use their Alipay+ payment partner apps at most host stadiums and pay at over 10,000 stores across Germany. This partnership not only offered convenience but also provided special deals and favorable foreign exchange rates. European merchants benefited as well by connecting with Asian travelers through mobile digital payments.

Other card services and payment providers must now consider how to elevate seamless payment offerings for fans gearing up for the 2026 World Cup and the 2028 Olympics.

### The Future of Payments in Sporting Events

The future landscape of payments in sporting events is poised for significant transformation driven by technological advancements, evolving consumer preferences, and innovations in financial services. Mobile wallets are expected to continue their growth trajectory, enabling fans to make quick, contactless payments at stadiums using smartphones or wearable devices.

Near Field Communication (NFC) technology is likely to see wider adoption in stadiums and venues, reducing reliance on cash transactions. Beyond NFC, biometric authentication methods such as facial recognition and fingerprint scanning will become more prevalent, enhancing both security and convenience. Some venues may even explore voice recognition technologies for identity verification and payment processing.

Additionally, cryptocurrencies like Bitcoin and Ethereum may gain acceptance at more venues. This shift will not only offer sports fans an alternative payment option but also present opportunities for exclusive promotions aimed at crypto users, potentially encouraging broader acceptance beyond major events. Blockchain ticketing could also be tested to issue and verify tickets, thereby reducing fraud and increasing transparency in secondary ticket markets.

As consumer expectations for interconnectedness rise, venue apps will likely become central hubs for various services, from ticketing and payments to navigation and fan engagement. The integration of Internet of Things (IoT) devices will further streamline transactions, enabling automatic payments for parking or concessions through connected cars and smart devices.

Fan experiences might be enhanced with innovations like smart seats equipped with integrated payment options for ordering food and merchandise directly from the seat. However, as digital payments increase, so will the need for advanced encryption and security protocols to combat fraud. AI systems will likely be increasingly deployed to detect and prevent fraudulent activities in real-time, ensuring a secure payment environment.

### Putting Fans at the Center of Transaction Innovation

The digital payment integration witnessed this summer goes beyond mere convenience; it enhances the overall experience for all involved and underscores how much consumer expectations drive payment innovations.

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

Big sporting events often mirror broader consumer behavior trends and technological advancements. Consequently, they will continue to propel innovation and the adoption of new payment technologies. Each major event brings incremental advancements towards an increasingly seamless payment experience. For me, anticipating what the next step will be is as thrilling as the action inside the stadium.