Visa Extends Olympic Sponsorship to Promote Global Card Use

Visa's brand will remain linked with the Olympic rings through 2020, after company officials renewed their sponsorship agreement with the International Olympic Committee. Company President Rupert Keeley signed the new deal at a formal ceremony in Moscow attended by Olympic officials from around the world.

Visa spokesperson Antonio Lucio told reporters that his company's Olympic sponsorship had evolved over the years. "During the early days of our Olympic sponsorship, we focused on promoting our exclusive acceptance at the Games," Lucio said. "Today, we utilize the sponsorship platform to promote the advantages of using Visa cards instead of cash and check and to facilitate the development and advancement of the payment infrastructure in Olympic host countries."

Credit card industry analysts have suggested that big ticket sponsorships don't always convert into new accounts for processing banks. However, the recent Summer Olympics in Beijing gave Visa an important platform in a developing market. Issuing banks on Visa's network hope that upcoming events in Vancouver and London can reinforce the message of credit card convenience and security to a global audience.