PAYFOOT is reinventing the way Fans engage with their passion

September 28 06:02 2021
The Swiss leading company reinvents global sports fans engagement through a common digital currency and its ecosystem.

Geneva – 27th September, 2021 – Sports are passionate and universal. They bring entire countries together, and sometimes they’re a vital part of collective culture. However, just as many other activities, the way people experience sports is being transformed with the surge of technology and Helie d’Hautefort, a high profile into the finance industry leads the fan tokens new trends.

Mr Helie d’Hautefort – Founder & President of Payfoot – Zurich – Getty 2021

Indeed, in order for sports of all kinds to keep up with modern society; organizations and users need to embrace digital opportunities. We’re not just talking about social media (although that is a very important part of participating in the virtual world), digital marketing, or operations like buying tickets or streaming matches but the whole experience of sports, including matches, clubs and mega events like the World Cup will need to incorporate more and more digital options to keep up with today’s reality.

Meanwhile, digital currencies using Blockchain technology will be one of the fast-growing sectors in the payments landscape. Digital currencies payments expected to grow by over 30% annually through 2025 and one of the best use cases of digital currencies will be international sport event.

Digital currencies in traditional sports

Beyond the obvious practicality of digital currencies for e-sports (with a 33% compound annual growth rate and a $1 billion market) and games (a $140-billion industry), where every interaction and transaction is carried out virtually and cryptocurrencies seem to be the perfect fit, it’s time to explore the need to incorporate digital currencies and payments in traditional sports. Especially when you take into account the size of such market.

Let’s take soccer, for example: more than four billion visitors soccer fans globally — roughly half the world’s population — at the last FIFA World Cup spent 12 billion USD.

Whenever there’s a big sports event, such as the Olympics or the Football World Cup, a community of people sharing the same passion is formed by all of those who are involved or attending.

However, these people come from very different parts of the World and have little in common in their regular lives; they will share the same set of needs for a period of time.

During event such as the world cup attendees, organizers and players from China will bring Renminbi. Those from Germany will bring Euro; while those from Argentina will bring their weakening currency, the peso. And they will all need to pay for food, accommodation, tickets and entertainment.

“Historically, the options available in this case have not been fully convenient, as they’re not built to satisfy the needs of a truly global community with thousands of members from all over the world. Not only are they expensive, slow, and impractical; Some countries are even excluded entirely from global payment systems, or are just unable to enjoy the benefits, because their currency is weak, and the conversion is too expensive,” highlighted Mr d’Hautefort.

The advantages of digital currencies in international sports events

Slowly but surely, digital currencies and blockchain technology are introducing new “democracy-focused systems” into sports. Digital currencies seem like a perfect tool to improve and modernize the huge machine that is the Sports industry. But first, they need to be embraced by all parties; and this is where stability could be a key factor for mass adoption. Regarding the advantages for the different parties it is clear that customers and fans would be able to easily pay using their smartphones, avoiding the risks of carrying cash and avoiding credit card fees. Moreover, they will be avoiding foreign exchange mark-ups and could protect their purchasing power, no matter the status of their home currency. Thanks to the Blockchain technology, the fees and prices of payments are considerably low. Partners and merchants will also enjoy the benefits of low transaction fees and get instant settlements. The convenience of digital transactions will attract more customers, who will feel safe when buying from those merchants. Also, they could connect with sports fans even before and after the event.

PayFoot: A digital currency and a social payment system

Payfoot participates in this revolution by providing a digital currency coupled with social network functionalities for large sports events and enables the fans community to share their common passion in a major breakthrough in how they interact. Our technology will not only benefit fans, but the whole ecosystem around sports such as merchants, global brands, businesses and events stakeholders. We aim to connect the football community through a digital ecosystem that makes social interaction, payments and fan engagement easy, efficient and safe. With the creation of a social payments network, especially designed for sports enthusiasts and powered by our own basket-based digital currency, we rethink and reshape the fans journey. Our inclusive technology links the value of the digital currency to a basket of the national currencies of major nations participating in the tournament. This diversification ensures a high degree of stability and protection for the fan community worldwide.

“We will connect more fans and businesses together through the use of this currency.  not only fans and business but also fans with other fans and businesses with other businesses We are building a fast, safe and secure payment infrastructure that will be more efficient and inclusive for the fans communities including those that are not currently engaged or who could be better engaged in the community,” mentioned Mr d’Hautefort; ”The newly created ecosystem is re-thinking the relationship fans have with their common passion, as the sharing of a currency transforms the very nature of money from a mean of payment to a cement between community members and their ecosystem,” he added.

Our Team has started to deploy Payfoot solution on the occasion of a major sport event, the African Cup of Nations, the main international Football competition in Africa that will be held in January 2022 in Cameroon. We expect the event to be watched on TV by over a billion viewers. This will be followed in December 2022 by the FIFA World Cup Qatar 2022 with over 4 billion fans predicted to share their passion.

Our technology will not only benefit fans, but the whole ecosystem around sports such as merchants, global brands, businesses and events stakeholders.

Our core values support our company’s vision and ensure that all employees and partners are working toward the same goals. We believe our technology can help fans communities to become more effective and more inclusive for a better fan’s world. This motivates our full commitment to improve our offer and to work hard as a team to deliver the best to our clients. Our corporate culture is based on innovation, trust, passion that makes us strong as a team. We share with our clients the values of sports, ambition, integrity, inclusion, diversity. In addition our Board recognizes the need to encompass environmental, social and governance  (ESG) concerns in its strategic decisions.

PAYFOOT is deployed by RCS SA, a Swiss company created in 2014 to create digital currency solutions for communities.

More info: @LicorneGulf2021

By Catalina Correa

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