Visa, a partner of the London 2012 Olympic and Paralympic Games, will be showcasing its latest payment innovations during the Games (view press release). Among the new ways to pay will be payments via mobile phone chip-enabled payment cards which enable transactions at retail locations throughout London and Olympic venues.

Among other new offerings is a limited edition of the Samsung GALAXY S III, which will be provided to Visa sponsored athletes and trialists, and will feature an Olympic-branded version of Visa’s m-payment app, Visa payWave. To make a purchase, the user selects the Visa icon on the device and holds the phone to a contactless payment terminal. The app also allows them to check their account history and balance in real time. There are currently around 37 million contactless Visa payWave- enabled credit, debit and prepaid cards across Europe and by the end of 2012 Visa Europe expects this to have increased to around 50 million. The cards enable users to make ‘wave and pay’ purchases at retailers, with a PIN or passcode not required for purchases below GBP20 - limits vary by country. Visa estimates that by the start of the Games around 140, 000 payment terminals in the UK will accept PayWave enabled cards and phones, including 5, 000 taxis and 3, 000 POS locations at Games venues.

Also being showcased during the Games will be Visa’s newest product, Visa Mobile Prepaid, which provides consumers in developing countries with a Visa payment account. Users of this service will be able to send and receive international remittances, pay bills, top-up wireless minutes and access Visa ATMs.