Digital Revolution at the Olympic Games: Europe's Payment Evolution

The Milano Cortina Games highlighted the dominance of foreign payment providers like Visa, underlining concerns about cash's fading role. The EU plans to introduce a digital euro by 2029 to ensure economic security and payment alternatives. Card payments remain crucial, yet there's a push for digital and cash alternatives.

The Milano Cortina Games have spotlighted a significant issue troubling Europe's policymakers: the overwhelming dominance of foreign payment providers and the diminishing role of cash.

Currently, under a longstanding deal with the International Olympic Committee, Visa remains the exclusive card provider at the Games. However, by the 2030 Winter Games in France, options may expand if the European Central Bank succeeds in launching a digital euro by 2029.

The EU emphasizes the digital euro as crucial for economic security, with the EU Council endorsing its widespread availability. Meanwhile, shops and services must continue to accept cash, a regulation still under legislative review.

(With inputs from agencies.)