Visa showcases future of payments in Olympics

MANILA, Philippines - Visa, a worldwide partner of the London 2012 Olympic and Paralympic Games, announced that during the competition, it will showcase the latest payment innovations that are transforming the way people pay and manage their money.

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 the Olympic 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, making this an unique opportunity to showcase how technology is changing the way people shop, pay and get paid around the world”, said Jim McCarthy, head of products at Visa Inc.

“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,” McCarthy said.

During the London 2012 Olympic and Paralympic Games, Visa and its partners are enabling Visa-sponsored athletes, trialists, and visitors to experience the future of payments:

• Visa mobile payments and services. A limited edition of the Samsung Galaxy S III, Samsung’s Olympic Games phone, will be provided to Visa-sponsored athletes and trialists. The device will feature an Olympic-branded 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 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 (limits vary by country). By the end of 2012, Visa Europe expects to have more than 50 million Visa payWave cards in circulation in Europe.

• Contactless retail locations. More than 140,000 contactless payment terminals throughout the United Kingdom will 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. Visa prepaid cards will be on sale throughout the UK 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.