The deal means that Visa, which has sponsored the Games since 1986, will remain on board for the four Olympic meetings that follow London 2012 – in Sochi in 2014, Rio in 2016 and yet-to-be decided venues in 2018 and 2020.
The financial services company becomes the IOC’s third top-tier sponsor to renew its partnership for the next six Olympic Games. Coca-Cola and Omega have also signed up until 2020.
The terms of the deal mean that Visa will remain the sole credit card sponsor and the only card accepted at the Olympic venues – the cost of the deal has not been revealed but other brands have paid up to $100m to be associated with the Games for four years.
The company says its association with the Games has become a vital part of its marketing mix.
Visa’s chief marketing officer, Antonio Lucio, says the company will use the deal to “promote the advantages of using Visa instead of cash and cheque and to facilitate the development and advancement of the payment infrastructure in Olympic host countries”.