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Archives For August 2012
With 2012 Olympic fever in full swing, I came across an interesting article on problems experienced with payment at the event. http://www.compareprepaid.co.uk/cards/prepaid-cards/08/2012/olympic-venues-face-further-payment-problems/?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+ComparePrepaidNews+%28Compare+Prepaid+Co+Uk%29
At large events the payments sponsor has a right of exclusivity for card acceptance throughout the event. In the case of the Olympics 2012 it meant that the sponsor Visa allowed for acceptance of only Visa cards as a payment option at the event. So if you had a MasterCard, American Express or Diners Club card, you would not be able to use it as a payment option.
I was surprised to see the comment about prepaid cards not being the solution due to security. Especially given the fact that prepaid cards were used during the FIFA World Cup 2010 held in South Africa. Visa again was one of the main sponsor’s and owned exclusivity of payments at the venues and media centres. To combat the payment problems, kiosks with prepaid cards were stationed at the venues. This meant that patrons holding MasterCard, American Express and Diners cards could purchase prepaid cards from a kiosk. This alleviated queues at the ATM machines. The prepaid cards that were branded as the World Cup also became a souvenir item of the event.
Before prepaid cards were used at such events, paper vouchers and tokens were used as payment mechanisms which presented issues of settlements to merchants. Prepaid cards means eliminating the acceptance problems at merchants as payment is automatic. Prepaid Cards can be stopped if reported lost or stolen and funds transferred to another card. There has also been an increase in the use of prepaid cards at large music festivals.
For the prepaid cards to be successful at events, card issuance has to be seamless and easily accessible for customers.