A Digital Alternative

The Olympics have traditionally been Visa-only, but this year has put a spotlight on the potential vulnerabilities of such reliance. At the Milano Cortina games, all official souvenir stores accept only Visa or cash due to the declining use of cash across Europe. This has led many visitors without Visa cards to face long ATM queues for access to funds.

Despite being familiar logistical challenges at major events, these issues highlight a growing dependency on foreign payment providers—especially concerning EU lawmakers who are increasingly focused on financial services infrastructure.

The Olympics have always been Visa-only due to the marketing deal, but now this reliance is under scrutiny amid global developments,” said Don Apgar, Director of Merchant Payments at Javelin Strategy & Research. EU banks issue both Visa- and Mastercard-branded cards, making them just as accessible in Europe as in the U.S., although these are global brands with headquarters in the U.S.”

The ongoing concerns over NATO, Ukraine, and other geopolitical issues have EU leaders questioning whether their payment systems could face risks if Visa and Mastercard were unavailable,” Apgar continued. This has spurred discussions about creating a stronger independent payments infrastructure to strengthen Europe’s role as a global financial services hub.”

Protecting from the Splatter

EU lawmakers are also considering broader strategies beyond Olympic-related payment challenges. Recent meetings have focused on developing comprehensive payments plans that could include euro-backed stablecoins, tokenized deposits, and measures to ensure all lending and aid activities use euros.

The discussions follow a significant trade deal with India that has implications for financial services in the region. These initiatives reflect EU priorities on payment stability amid concerns about U.S. debt levels and other global economic risks.