Visa and Samsung unveiled their mobile payments app for the Olympic and Paralympic Games today (24 February).
The move marks a further step in Samsung and Visa’s partnership, enabling it to showcase contactless payments technology at the London 2012 Olympics.
The app will be demonstrated at Mobile World Congress in Barcelona at the Visa and Samsung stands. It is based on Visa’s payWave technology that enables contactless payments by customers holding their NFC-enabled phones in front of a contactless reader at the point of purchase. Purchases above £15 require a passcode.
The app also lets customers check their transaction history and view their up-to-date account balance. The mobile contactless payments are protected by the same standard terms and conditions that apply to Visa cards.
Sandra Alzetta, head of innovation at Visa Europe said: ‘London 2012 is a unique opportunity to show the future of payments coming to life and leave a lasting legacy post-2012. The new mobile payment application is central to this showcase.
'We are also working with a number of partners to put live mobile payment technology into consumer hands. We’ve recently announced the certification of a number of major manufacturer handsets for NFC payments, which brings mainstream commercial mobile payments a step closer to reality.’
DJ Lee, executive VP and head of sales and marketing team of Samsung’s mobile communications business said: ‘Samsung is extremely thrilled to work with Visa to launch mobile payment services for the London 2012 Olympic Games. We believe that this showcase will motivate people to experience and adopt easy and safe payment through mobile devices.
More than 3,000 contactless terminals will be installed across the Olympic and Paralympic venues showcasing prepaid, contactless payments, mobile technologies, and other innovations.