As the Milano Cortina 2026 Winter Olympics approaches, a curious challenge is arising for attendees: the increasing dominance of foreign payment providers in a landscape where cash is quickly fading. Under a long-term sponsorship deal with the International Olympic Committee that extends through 2032, Visa serves as the exclusive card provider for the Games. Signs throughout the official Olympic stores make this clear: “Card payment? We accept only Visa.” Meanwhile, staff members are on hand to offer prepaid cards to those in need.
Looking ahead to the next Winter Games in France in 2030, participants might encounter new options if the European Central Bank (ECB) succeeds in launching a digital euro by 2029. This initiative has been labeled crucial for enhancing Europe’s economic security. In December, the EU Council endorsed the concept, stating that the digital euro would be available to the public and businesses for convenient transactions throughout the euro area.
While cash payments remain an option at the Games, ongoing legislative efforts aim to solidify the acceptance of cash in shops and service providers, with exceptions for remote or unmanned services. A spokesperson for the organizers confirmed that ATM machines have been set up on-site for cash withdrawals, ensuring attendees can still use physical currency if they prefer.
However, the trend appears to be leaning heavily towards digital transactions. Marta Mule, a young Italian magazine contributor, noted her frustration while waiting in line at the main Olympic store in Milan. “My dad’s just gone to withdraw some cash. We saw the sign and we don’t have Visa,” she remarked, reflecting a growing sentiment among consumers who are less reliant on banknotes.
Inside the Olympic shop near Milan’s iconic Duomo cathedral, an assistant estimated that only about one in six customers opted for cash, while the majority paid using Visa cards. European Central Bank Executive Board member Piero Cipollone highlighted the excessive reliance on international card schemes like Visa and Mastercard, which account for roughly two-thirds of card transactions in the euro area. “We need to address our current dependencies in retail payments and reverse the tide,” Cipollone stated in a recent speech.
The ECB must secure a European law before it can roll out the digital euro. However, legislation has faced delays, lingering in the European Parliament for over two years due to concerns that a central bank-backed wallet might siphon deposits from commercial banks or disrupt private payment systems. Encouragingly, since December, both the European Council and the European Parliament have voiced strong support for the ECB’s initiatives regarding the digital euro.
In its vision, the ECB aims for this digital currency to function both online and offline, emulating the flexibility of cash while serving diverse payment needs in retail settings. As the Milano Cortina Games gear up, the interplay between traditional cash and evolving digital payment options is poised to shape not only the Olympic experience but also the future of payments in Europe.
Original Source: https://www.cnbc.com/2026/02/16/visas-olympics-europe-payments.html
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Publish Date: 2026-02-16 23:06:00
