By Telecom Lead Team: Samsung has unveiled the official
mobile payments application of the Olympic and Paralympic Games in
collaboration with Visa.

 

Both companies will debut and demonstrate the mobile
payment application at Mobile World Congress, Barcelona, Spain

 

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.

 

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.

 

In addition, the application also lets customers check
their transaction history and view their up to date account balance. Visa will
implement and manage the entire payment system infrastructure and network
throughout all Games’ venues.

 

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,”
said Sandra Alzetta, head of innovation at Visa Europe.

 

Recently,  Visa
launched mobile services aimed at U.S. financial institutions to offer their
account holders the ability to monitor account history and balances, transfer
funds between accounts, and receive near real time transaction alerts on their
mobile devices.

 

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