Visa chose to participate in the 1980s Olympics because the event was a global competition that brought people together from various countries around the world. In that regard, it would offer an invaluable platform for the company to promote its brand. The Olympics brand equities aligned with Visa’s vision at the time: the pursuance of excellence, being the best in its category, a universal appeal, promoting leadership, having a global consumer base and acceptance, and a global presence that evokes participation and that has transformational potential. These values complemented Visa’s mission of global acceptance, modernity and innovation, and the attainment of excellence in service.
Visa benefited immensely from the event because after the Olympics ended, they extended their partnership to last until the 2020 Olympics in Tokyo, Japan. Major reasons for this include the growth of the Olympics brand and an increase in the number of people that consume content from various media platforms. Technology has led to an increase in media distribution channels that can access different markets globally, therefore, Visa uses these avenues to enhance its brand image. In 2018, the International Olympic Committee (IOC) and Visa Incorporation announced that their partnership would extend to the 2032 Olympic Games. The president of the committee cited innovation and the company’s involvement in the development of their TOP Program as some of the reasons that motivated the continued collaboration. Both parties are committed to creating and promoting the legacy of the Olympics as well as offering the best user experiences to athletes, fans, and Visa cardholders.