June 23, 2010
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News: Upset Over Olympic Contract With Visa
If you want to visit the London 2012 Olympic Games, you'll need a Visa credit card to pay for your ticket online or at the park. The Olympic organizers have received a great deal of criticism over the exclusive deal it struck with the credit card giant, Visa. Terms of the deal also include automatic teller machines (ATM) that will be inside the Olympic park. Customers will only have the capabilities of withdrawing cash from their accounts if they use a Visa debit or credit card. That could leave a lot of those customers whose banking institutions use MasterCard or some other card payment network. Despite the criticism, the London 2012 committee said they are looking into other payment options that would not interfere with the Visa contract. Of course, Visa's answer to the problem is "Get a Visa."
The London 2012 committee has defended the deal by comparing it to the Beijing and Vancouver Games where the same type of credit card deal was struck during the Olympic Games and the Paralympics Games. However, consumer advocates say that consumers who do not carry a Visa debit or credit card are being discriminated against and they are asking the government to intercede on behalf of all cardholders regardless of which type.
Visa has also defended the contract and said that individuals who do not own a Visa debit or credit card can still get around the contract by purchasing prepaid Visa cards. Giant card network also notes that they have been a "committed partner" of the Olympic Games for almost 25 years. The London 2012 committee supports Visa's statement and reassures consumers that every type of Visa card (debit, prepaid and credit) will be accepted at the London 2010 Olympic Games. The committee recommends that consumers contact their financial institution to inquire how they can obtain a Visa card or visit the company's website to find out where they can purchase a Visa prepaid card.