Visa-only Olympics highlights Europe's payments headache

At the Milano Cortina Games, people who don't have Visa cards waited in a long queue at ATMs

By the next Winter Games in France in 2030, people could have another option of the digital euro if the European Central Bank meets its goal of launching a digital euro in 2029. File picture: Fabrizio Carabelli/PA

Anyone trying to buy a souvenir at the official Olympic stores at the Milano Cortina Games will have been exposed to an issue troubling Europe's policymakers: the dominance of foreign payment providers and the fading role of cash.

Under a sponsorship deal with the International Olympic Committee dating back to 1986 and extended to 2032, Visa is the sole card provider at the Games, with signs reading "Card payment? We accept only Visa" and staff offering prepaid cards on the spot.