Samsung, Visa Team to Bring Mobile Payments to 2012 Olympic Games in London

Two giants in their respective fields, Samsung and Visa, are partnering to roll out the latest innovation in payment technology as part of their individual sponsorships of the 2010 Olympic Games.

The partnership will enable consumers to make mobile payments using the Samsung Olympic and Paralympic Games mobile handset.

“Before and during the Games,” the companies announced via joint press release, “the innovation will transform the payment experience in London and globally, enabling faster, more convenient payments via mobile phone.”

According to Samsung and Visa, however, the new strategic alliance “is designed to leave a lasting legacy in the market post-2012.”

Samsung and Visa are combining their sponsorship assets and leadership in technology to ensure that the Olympic and Paralympic Games mobile handset will be equipped with technology that allows mobile payments, Near Field Communications (NFC) and Visa’s contactless payment technology.

To make payments, customers simply select the Visa mobile contactless application, select pay and hold the phone in front of a contactless reader at the point of purchase.

Auspiciously for the effort underway, Europeans have already grown far more familiar and comfortable with mobile payments than individuals anywhere else in the world.

In London there are already more than 60,000 locations where contactless payments are accepted and contactless and electronic card payments will be available across London during the 2012 Olympic and Paralympic Games.

Visa is working with banks and retailers worldwide to roll-out acceptance for Visa contactless cards, as well as mobile phones, as part of an industry wide roll-out of contactless technology.

“Visa, like Samsung,” says Peter Ayliffe, CEO of Visa Europe, “shares the vision of leveraging our Olympic and Paralympic Games sponsorship to leave a lasting legacy in the market for banks, retailers, mobile operators and consumers. We are not only breaking new ground for Olympic partnerships, we are committed to enabling consumers to connect with mobile and contactless payments technology for 2012 and beyond.”