Visa and Samsung reveal mobile payments application for London Olympics

Contactless Olympics

The application is based on Visa PayWave technology and enables contactless payments by holding an NFC-enabled phone next to the reader at the point of sale. Transactions of over £15 require passcode authentication. Customers can also use the application to view their balance and check transaction history. (view press release)

There will be more than 3,000 contactless terminals installed at the Olympics; all contactless payments will be backed by Visa’s processing platform and protected by the same terms and conditions that apply to Visa cards.

Sandra Alzetta, head of innovation at Visa Europe says “we are 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.”

Both parties are showcasing the mobile payment application at the Mobile World Congress.

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