The deal was officially signed in Moscow at a ceremony attended by International Olympic Committee President Jacques Rogge, Visa Inc. Group President Rupert Keeley and Dmitry Chernyshenko, President and chief executive of the 2014 Sochi Winter Olympics.

 

The world's largest payment network said the sponsorship deal, which includes Visa being the only card accepted at Olympic venues as well as use of the Games' five-ring logo, means they join Coca-Cola and Omega in extending their sponsorship through until 2020.

 

Rogge said: "Our partnership with Visa demonstrates a shared commitment - to the future of youth and sport, to the future of the Olympic Games and to the strengthening of the Olympic ideals and values we respect."

 

The credit card company was a founder member of the The Olympic Partner (TOP) programme launched 23 years ago and was the first of the global sponsors to sign up for the 2012 Games.

 

Antonio Lucio, Visa's chief marketing officer, said: "The Olympics have proven to build our business over time.

 

"It's basically a marketer's dream.

 

“The Olympic Games deliver tremendous global exposure and access to virtually every demographic group.

 

"The Olympic Games also deliver tangible and proven business building benefits to Visa, its clients and partners.

 

"Client activation around the Beijing 2008 Olympic Games, which involved more than 573 clients in 41 countries, illustrates the universal appeal of this marquee property."

 

Since 1986, Visa and its partners have issued more than 21 million Visa cards bearing the Olympic rings.

 

For the Olympics in Beijing last year, Visa added about 90,000 ATM machines and signed up some 216,000 merchant acceptance locations in China.

 

Visa also claimed its brand equity is 25 per cent higher among consumers who are aware of its Olympic sponsorship.

 

Lucio said: "During the early days of our Olympic sponsorship, we focused on promoting our exclusive acceptance at the Games.

 

"Today, we utilise the sponsorship platform 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.

 

"With efforts in support of the [2010] Vancouver Winter Olympic Games already underway, and London 2012 well into our planning stages, we are particularly excited about the opportunities that the Sochi 2014 Olympic Winter Games will provide.

 

"We look forward to working with partners in Russia, the Sochi Organising Committee and the IOC to further build on our Olympic legacy and make the Sochi 2014 Olympic Winter Games a global success."

 

The IOC has said it wants to raise about $1 billion (£610 million) from its TOP sponsors for the 2010 and 2012 Games, up from $866 million (£528 million) in prior two Games, despite the difficult economic climate.

 

Timo Lumme, the IOC director of TV and marketing, said: "There's no question the financial stability that comes from long-term support, and early long-term support, cannot be underestimated."

 

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