July 24, 2012

Visa to showcase payment innovations at Olympic and Paralympic Games

LONDON-- Visa, a worldwide partner of the London 2012 Olympic and Paralympic Games, has announced that it will display their latest payment innovations during the London 2012 Games. Among the new ways to pay, Visa will showcase payments via mobile phone and chip-enabled payment cards at thousands of retail locations throughout London and 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."

Visa Mobile Payments and Services: A limited edition of the Samsung GALAXY S III, Samsung's Olympic Games Phone during the London 2012 Games, 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 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 (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: By Games time, more than 140,000 payment terminals throughout the U.K. 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 U.K., allowing visitors to make purchases everywhere Visa is accepted.

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 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.








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