Samsung And Visa Announce NFC Mobile Payment For 2012 Olympics

Samsung is planning to launch an Olympic Games branded smartphone with an embedded Visa payment app, that will be compatible with over 60,000 NFC payment terminals at stores, restaurants and stations across London.

This new app will allow users to pay for items directly from their phones. In order to make a purchase they simply select the ‘pay’ option in the app and hold the phone in front of a compatible wireless reader.

Samsung and Visa plan to offer the technology to participating athletes, and will also make it available to the public in due course. Users will have to link up a registered bank account with the app, from which all the payments can be withdrawn. Contactless payment terminals are already beginning to come into use.

Samsung plans to sell the device through mobile operators and other other third party distributors. However, the company is refraining from making any comment on the estimated retail price leaving room for more speculation.

A Visa-enabled SIM card will be needed to use the device’s NFC payment features.

In the mean time, Visa is also working closely with banks and retailers to boost the use of its Visa Contactless Cards, as part of an industry wide rollout of contactless payment technology.

A deal was signed last month between Visa and Monitise which would allow Visa customers to experience more sophisticated features such as text alerts for transactions, peer to peer money transfer throughout Europe and also contactless payments.