Visa has announced that it will extend its Olympic Games sponsorship for the next eight years.

The credit giant will retain the rights it has enjoyed since 1986 (12 Olympic Games), remaining the exclusive payment services sponsor and the only card accepted at the four Olympic Games that follow London 2012 Olympic Games, including the 2014 Olympic Winter Games in Sochi, Russia, the 2016 Olympic Games in Rio de Janeiro, Brazil, and the 2018 Olympic Winter Games and the 2020 Olympic Summer Games.

The renewal announcement was made during a formal contract signing by Visa Inc. group president, Rupert Keeley, and International Olympic Committee president, Jacques Rogge, at a ceremony in Moscow.

“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,” said Rogge.

Antonio Lucio, chief marketing officer of Visa explained, “The Olympic Games delivers 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.”

“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,” added Lucio.

Visa will retain exclusive category rights to all 205 National Olympic Committees and their Olympic teams around the world.

According to a press release, these rights include advertising and promotional use of Olympic marks and imagery from the Olympic Games as well as marks from the National and International Olympic Committees.