![]() “Visa knows the Olympics will come and go, and China will still be there. Unlike American Express and Mastercard, it is still waiting for approvals to operate in the wider China market, where it depends on UnionPay’s network to process payments made on its cards. ![]() The IOC is skirting questions about whether the card provider was consulted about the digital yuan’s debut and Visa has said nothing about the situation either, which is probably wise. Whether that arrangement still applies is open to question, although the Chinese media is insisting that the deal hasn’t been breached because the e-CNY is a digital format of China’s fiat currency, and not a competitor to Visa. For years, cash and Visa cards have been the only means of payment at Olympic venues and Visa is still described on the Games’ website as the exclusive provider of ‘payment services, transaction security pre-paid cards’. Getting more discussion in the international media in the last few days is how the new arrangements must be putting pressure on one of the longstanding sponsorships at the Games, however. Athletes may also be cautious about experimenting with it, especially the American team, after Republican senators cited espionage concerns and data-security dangers in urging the US Olympic Committee to block their athletes from using it. Restrictions on visitor numbers to the Games will have played a part in reducing the audience for the digital yuan’s debut, of course.
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