Latest step forward in bringing mobile payments to London 2012
LONDON--(BUSINESS WIRE)--Feb. 24, 2012--
Visa (NYSE: V) 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
“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
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 www.visaeurope.com
About Visa Inc.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200
countries and territories to fast, secure and reliable digital currency.
Underpinning digital currency is one of the world’s most advanced
processing networks – VisaNet – that is capable of handling more than
20,000 transactions a second, with fraud protection for consumers and
guaranteed payment for merchants. Visa is not a bank, and does not issue
cards, extend credit or set rates and fees for consumers. Visa’s
innovations, however, enable its financial institution customers to
offer consumers more choices: Pay now with debit, ahead of time with
prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About Visa’s Involvement in the Olympic and Paralympic Games
Visa is proud to be a worldwide partner of the London 2012 Olympic and
Paralympic Games. Visa plays an integral role in the Games, having been
a committed sponsor for 25 years. Visa Europe is also the presenting
partner of Team 2012 – 1,200 British athletes who are striving to
compete at the Olympic and Paralympic Games in 2012. This is the first
time that such a large group of athletes has been supported in this way.
At every Olympic and Paralympic Games, Visa creates and manages the
entire payment system infrastructure and network throughout all Games
venues. Visa has been a worldwide Olympic Games sponsor since 1986 as
well as a worldwide sponsor of the Paralympic Games since 2002 and is
the exclusive payment card and official payment network of the Olympic
and Paralympic Games.
About NFC and contactless technology
The mobile phone is as ubiquitous for consumers as their wallet, so it
is logical that the mobile phone and payments industries should come
together to realise this next stage in mobile evolution. During the last
twelve months, there has been significant progress towards mobile
payments becoming a reality, as manufacturers standardise technology,
numerous mobile payment trials are successfully completed and
contactless technology starts to gain mainstream acceptance.
Visa’s offerings take advantage of a wide range of new technologies.
Phones equipped with Near Field Communication (NFC) technology make it
possible for the devices to initiate Visa contactless transactions. The
advent of phones that support next generation high speed networks can
enable near real-time transaction alerts for added levels of security,
fast and convenient purchases via the mobile internet, and deliver
retailer offers tailored to life style and location. These developments
have inspired Visa, mobile operators, handset manufacturers, and banks
to work together to incorporate payment as a mobile application.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is a global leader in semiconductor,
telecommunication, digital media and digital convergence technologies
with 2010 consolidated sales of US$135.8 billion. Employing
approximately 190,500 people in 206 offices across 68 countries, the
company operates two separate organizations to coordinate its nine
independent business units: Digital Media & Communications, comprising
Visual Display, Mobile Communications, Telecommunication Systems,
Digital Appliances, IT Solutions, and Digital Imaging; and Device
Solutions, consisting of Memory, System LSI and LCD. Recognized for its
industry-leading performance across a range of economic, environmental
and social criteria, Samsung Electronics was named the world’s most
sustainable technology company in the 2011 Dow Jones Sustainability
Index. For more information, please visit www.samsung.com.
About Samsung’s Involvement in the Olympic Games
Samsung began its Olympic Games involvement as a local sponsor of the
Seoul 1988 Olympic Games. Beginning with the Nagano 1998 Olympic Winter
Games, the company extended its commitment to the Olympic Movement as
the Worldwide Olympic Partner in the Wireless Communications Equipment
category, providing its proprietary wireless communications program,
called Wireless Olympic Works (WOW), and mobile phones. These innovative
mobile phone technologies provide the Olympic Family with real-time
information and communications services. Samsung also supports the
Olympic Torch Relay and hosts the Samsung Mobile Explorers to share the
excitement of the Olympic Games with people around the world and enable
everyone to participate in the Games through its smart mobile
technology. Samsung’s commitment as a Worldwide Olympic Partner
continues through to Rio 2016.
About Samsung’s Involvement in the Paralympic Games
Samsung is a Worldwide Partner of the IPC in the category 'Mobile
Telecommunications'. The partnership was launched on the eve of the
Torino 2006 Paralympic Winter Games, which Samsung supported as an
Official Games Partner for the first time ever.
Source: Visa Inc.
Eleanor Orebi Gann, +44 207 795
Elvira Swanson, + 1-415-932-2564
Insun Song, + 82 31 277 8041
Warder, + 44 203 047 2317