Visa and Samsung Reveal Mobile Payments Application for the London 2012 Olympic and Paralympic Games

Latest step forward in bringing mobile payments to London 2012 Olympic Games

LONDON, Feb 24, 2012 (via BUSINESS WIRE) — Visa V +0.73% and Samsung today revealed the official mobile payments application of the Olympic and Paralympic Games. Samsung and Visa will debut the mobile payment application at Mobile World Congress, Barcelona, Spain from February 27th to March 1st. The application will be demonstrated at Visa stand (Hall 1, Stand 1B19) and Samsung stand (Hall 8, Stand 8B169). This marks the first step to realising the partnership between the two Olympic and Paralympic Games sponsors to bring mobile contactless payments to London as part of their support of the London 2012 Olympic Games.

The application is based on Visa’s payWave technology that enables contactless payments at the Point of Sale. To make payments, customers simply hold the phone in front of a contactless reader at the point of purchase. Purchases above 15 pounds require a passcode. The application also lets customers check their transaction history and view their up to date account balance. Backed by the multi-layered security and reliability of Visa’s processing platform, mobile contactless payments are protected by the same standard terms and conditions that apply to Visa cards.

"London 2012 is a unique opportunity to show the future of payments coming to life and leave a lasting legacy post-2012. The new mobile payment application is central to this showcase," said Sandra Alzetta, Head of Innovation at Visa Europe. "We are also 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."

"Samsung is extremely thrilled to work with Visa to launch mobile payment services for the London 2012 Olympic Games. We believe that this showcase will motivate people to experience and adopt easy and safe payment through mobile devices. As a long-time Olympic partner and a mobile technology leader, Samsung is fully committed to providing our customers with reliable and convenient mobile experiences during the Olympic Games through our partnership with Visa," said DJ Lee, executive vice president and head of Sales and Marketing team of Samsung’s Mobile Communications Business.

As a Worldwide Sponsor of the Olympic Games for more than 25 years and the Paralympic Games since 2002, Visa implements and manages the entire payment system infrastructure and network throughout all Games’ venues. For London 2012, there will be more than 3,000 contactless terminals installed across the Olympic and Paralympic venues showcasing prepaid, contactless payments, mobile technologies, and other innovations.

About Visa Europe

As a leader in the development and implementation of payments technologies, Visa Europe is at the forefront of contactless and mobile payment innovation in Europe.

Visa Europe is owned and operated by more than 3,700 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe. As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers – cardholders and retailers – and to meet the European Commission’s objective to create a true internal market for payments. For more information, visit http://www.visaeurope.com