By  Updated on Fri Aug 3, 2012

Visa’s Small ATM Network Poses Problem at Olympics

This week at the Olympics, people looking forward to a cashless future got a taste of the problems that can arise when technology fails.

The card-payment system in Wembley Stadium at the Olympics failed — forcing everyone to use cash for food and drinks.

Given that Visa has only place eight ATMs at Olympic venues, fans encountered long lines to retrieve cash to pay for food.

“We understand that Wembley’s systems failed and therefore they were only accepting cash at food and beverage kiosks. This cash only decision was made by WEmbley management and not Visa. We are working with the Wembley team to help them fix this as soon as possible.”

Since Visa aims to use the Olympics to promote new financial technology such as mobile payments, the terminal problems raises doubts about a cashless future.

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