Visa announced a partnership with the NFL for a cashless Super Bowl experience

FILE PHOTO: Jan 19, 2020; Santa Clara, California, USA; San Francisco 49ers running back Raheem Mostert (31) celebrates with teammates including Jimmy Garoppolo (10) , Ben Garland (63) and Deebo Samuel (19) after scoring a touchdown against the Green Bay Packers in the second quarter of the NFC Championship Game at Levi's Stadium. Mandatory Credit: Kyle Terada-USA TODAY Sports

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Visa will work with the NFL to create a digital, cashless Super Bowl experience that will apply to everything from parking to concessions and mobile ordering. Fans who only have cash can access ATMs that accept cash in exchange for Visa prepaid cards of up to $500, which can also be used outside the stadium.

This partnership comes after payment technologies company InComm Payments launched a similar cashless payments solution for the Jacksonville Jaguars’ home stadium, allowing fans to exchange cash for a prepaid Visa or Mastercard that’s branded with the team’s logo. InComm Payments plans to roll out this cashless solution to more sports venues across the US over the next few weeks.

Stadiums’ promotion of cashless spending reflects the overall trend toward digital payments and creates a new volume opportunity for payments players. Digital payments are surging in the US right now as customers eschew cash in response to concerns that paper money carries the virus.

These moves reflect that shift, as sports teams look toward existing payments trends to find ways to safely bring back fans after pandemic-driven stoppages—a move challenged by another wave of cases. And if players like Visa and InComm expand these programs, it would provide an opportunity for issuers and networks to reach users in new ways, and for point-of-sale (POS) providers to widen their markets and capture volume in new places.

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Source:: Businessinsider – Finance


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