The award will be presented to one Olympian and one Paralympian following a fan vote.

The award will reportedly celebrate friendship, inclusion, acceptance and courage.

"The Olympic and Paralympic Games represent the best of who we are, and The Visa Award is designed to highlight special moments of perseverance, inclusion and friendship in a celebration of humanity," said Sarah Walker, Olympian and IOC Athletes’ Commission member.

"As with each Olympic Games, the world witnesses examples of these moments reminding us we are stronger together and that athletes, through their memorable actions, have the power to inspire the world and bring us closer together as a global community."

Voting for The Visa Award has begun on the Tokyo 2020 FanZone platform, which has been designed to engage fans during the Olympic and Paralympic Games.

Athletes who best exemplify the Olympic and Paralympic values will be recognised throughout the Tokyo 2020 Games.

A selection of moments will be added to the FanZone app and website for fan voting.

Eight Olympic nominees will advance for final voting.

Voting is due to open on August 8.

Six Paralympic athletes will in contention in the final vote.

Voting for the Paralympic award is scheduled to open on September 5.

"The Visa Award is a wonderful addition to the Games, as not only is it rewarding athletes for their great deeds on the field of play; it’s providing a platform that engages sports fans all over the world to celebrate the best of sport," said Chelsey Gottell, IPC Athlete’s Council chairperson.

"I have no doubt that The Visa Award will be hotly contested in Tokyo because at the Paralympic Games we have no shortage of inspirational and unifying athlete moments."

The Visa Award winners will be celebrated during a virtual awards ceremony.

The two winners will be given a platform to host a virtual session to promote a cause that is dear to them, with Visa pledging to give the chosen Olympian and Paralympian the opportunity to choose an eligible charity.

Visa will donate $50,000 (£36,000/€42,000) to the charity.

"We remember Olympic and Paralympic athletes as much for their extraordinary physical feats as we do for the moments when they put competition aside and remind us what it means to lead with purpose and positive intent," said Andrea Fairchild, senior vice-president for global sponsorship strategy at Visa.

"These are moments we think are also worth encouraging and recognising, and we are excited for fans all around the world to help us do this."

Visa are the exclusive payment technology partner of the Olympic and Paralympic Games.

The company extended their agreement with the IOC and IPC in 2018, with the sponsorship in place until 2032.

Visa are the only card accepted at the Olympic and Paralympic Games under the terms of the agreement.