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SINGAPORE: Payments made using Visa cards amounted to S$154 million over just 12 days of the Youth Olympic Games here.
That is a 38 percent increase compared to the same period last year, without the presence of YOG.
Analysts say this is significant as it helps to enhance awareness and market share for brands like Visa.
And retailers hope to see more international events like the YOG in Singapore as it helps to generate increased spending.
When 40,000 foreign visitors descended on Singapore during the recent Youth Olympic Games, they also brought cheer to the shopping malls.
And to encourage more spending, Visa rallied 10,000 outlets in sectors like food and beverage to promote the use of its cards.
Meranda Chan, Country Manager, Singapore & Brunei, Visa, said: "We wanted to be fully integrated into the games and that's why we created the world's first all in one Visa pre-paid card with payment, transit and the ticketing functionality for opening and closing [ceremonies].
"[It] really was to help our clients, banks as well as merchants to use the games to grow their business."
Although some retailers experienced a drop in sales due to traffic restrictions surrounding the Youth Olympic Games, they believe in future benefits.
Lau Chuen Wei, Executive Director, Singapore Retailers Association, said: "These events have put Singapore on the map. They've put Singapore in a very positive light in the eyes of people all around the world.
"It did affect us negatively but now we keep our fingers crossed because of the positive impact it had in the eyes of the world. It will draw more people into Singapore."
The International Olympic Committee estimates that more than two billion people saw Singapore during the Youth Olympic Games telecasts. - CNA/fa
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