Visa is preparing to offer innovative payment technologies that include biometrics for athletes, visitors and citizens in the period prior to the Tokyo 2020 Olympics, in support of the government initiative "Cashless Japan".
As the "World Partner in Payment Technology for the Olympic Games," Visa has experimented with different payment options at the Olympic Games in the past, particularly with portable items that include rings at the Rio 2016 Olympic Games, and gloves and Lapel pins at the 2018 PyeongChang Olympic Games. For Tokyo 2020, a range of technologies will be explored including biometric payment authentication, portable devices and now mobile applications that include digital broadcast cards.
Visa is working with merchants, particularly fast-food restaurants and convenience stores, to allow contactless point-of-sale payments and boost digital payment adoption before the games. The company also features Olympic athletes in marketing efforts, and will share travel and expense predictions with local merchants to help them prepare for the influx of foreign travelers.
The government of Japan is carrying out the "Cashless Japan" initiative with the goal of doubling digital payments to 40 percent of all transactions in the country by 2025, according to the announcement. Comparable markets have much higher rates of digital payments, including South Korea (90 percent), China (70 percent) and the United States (60 percent).
"There is virtually no other market in the world today that compares to Japan: it is the third largest economy in the world and a leader in many industries, but trade remains predominantly cash-based," says Stephen Karpin, Director Visa Representative and National Director of Japan. . “Visa accepts the Olympic Games as an opportunity to offer cutting-edge payment technologies in places and in the Olympic Village, and throughout the host country to truly improve the fan experience. For Tokyo 2020, we are planning experiences that will leave a lasting impact on the country, with the aim of helping to accelerate economic growth, while providing the Japanese community and visitors with an incredible experience on the ground. "
According to a recent ZDNet In this article, Visa believes that advances in authentication and anti-fraud technology could allow the payment industry to move away from passwords in the next five years.
Describing the company's point of view on the evolution of the payment ecosystem, Visa Product Manager Axel Boye-Moller told ZDNet:
"In recent years, as mobile technology has evolved, we are increasingly seeing biometric data included in mobile hardware, which is beginning to take off as more and more banks and other providers begin to implement payment solutions mobile". Collaboration, fraud rates can be halved by 2025.
"With each new technology, you are addressing new risks … it is moving quite fast." Biometrics is a part of the solution and we believe it is a very, very important part of the solution because of its safety and comfort, "he says. Boye-Moller. "But there are additional layers around it, so you start placing layers in transaction notifications, so you receive alerts as a consumer when you use your payment card, card controls, parameter settings and maybe even In which geographies is your card. they can be used … that will help ensure that they can continue to buy safely and conveniently. "
Last year, Visa launched the Fintech Fast-Track program to facilitate the delivery of new digital capabilities in the company's payment network, and Visa recently partnered with the digital wallet and Line Pay line payment company to encourage adoption of digital payments.
Tokyo 2020 games are also expected to present NEC biometric access control for athletes, event staff and media, and visitors to the country will be processed with biometric data customs controls at airports across the country