As many of our readers will no doubt know – Visa, a worldwide partner of the London 2012 Olympic and Paralympic Games, will showcase the latest payment innovations that are transforming the way people pay and manage their money, during the London 2012 Games . Among the new ways to pay, Visa will showcase payments via mobile phone and chip-enabled payment cards that allow for faster, more convenient and secure transactions at thousands of retail locations throughout London and Olympic Games venues.
“Electronic payments play a crucial role in facilitating tourism and meeting the needs of consumers on the go during a world sporting event such as the Olympic Games. This is a unique opportunity to showcase how technology is changing the way people shop, pay and get paid around the world”, said Sandra Alzetta, Senior Vice President, Visa Europe. “This summer we will be demonstrating the future of payments in London – a future where most consumers will rely on mobile devices, tablets and PCs to manage their daily financial lives.”
During the London 2012 Olympic and Paralympic Games, Visa and its partners are enabling Visa sponsored athletes, trialists, and visitors to experience:
- Visa Mobile Payments and Services: A limited edition of the Samsung GALAXY S III, Samsung’s Olympic Games themed Phone during the London 2012 Games, will be provided to Visa sponsored athletes and trialists. The device will feature an Olympic Games themed version of Visa’s mobile payment application, Visa payWave. To make purchases, consumers simply select the Visa icon on the Samsung device and hold the phone to a contactless payment terminal to pay. The application also allows them to manage their spending by checking account history and balances in real time. Visa Contactless Payments: There are around 37 million Visa payWave-enabled credit, debit and prepaid cards in circulation across Europe. Contactless cards will enable visitors to the London 2012 Games to make “wave and pay” purchases at thousands of retailers. PIN or passcode is not required for purchases below £20. By the end of 2012, Visa Europe expects to have more than 50 million Visa payWave cards in circulation in Europe.
- Contactless Retail Locations: By Games time, there will be more than 140,000 contactless terminals throughout the U.K. to accept Visa PayWave-enabled cards and phones, including 5,000 London taxis and 3,000 point of sale locations at Olympic Games venues.
- Visa Prepaid Cards: Olympic Games themed Visa prepaid cards will be on sale throughout the U.K. and will enable visitors to London to experience the convenience and security of Visa payments, allowing them to make purchases everywhere Visa is accepted and spend less time in concession lines and more time enjoying the Games.
- Visa Mobile Prepaid: During the London 2012 Games, Visa Inc. will also showcase its newest product – Visa Mobile Prepaid – the first mobile-based Visa product providing consumers in developing countries a payment account that offers Visa’s high standards of security, reliability and global interoperability. By accessing their Visa Mobile Prepaid account on their mobile phone, consumers can send and receive international remittances, pay bills, top-up wireless minutes, and access Visa ATMs.
We will be reporting from the Olympics later this week when C-ITV director, Susan Hicks, will be testing the new mobile payment solution – live – at the games themselves, so stay tuned!