Contactless Payment Goes for the Gold

While the 2012 London Olympics are in full swing, attendees needn’t be in full swipe. Visa and Samsung teamed up to create a mobile payments app that allows Olympic visitors to use their phones for purchasing goods throughout the Olympic games.

Over 3,000 contactless payment terminals were installed at the Olympic venues in London, making it very likely visitors will use their mobile device to make purchases throughout the games.

The app is based on Visa’s payWave technology, which uses RFID chips embedded in credit cads to communicate with the antenna in the contactless card reader at the point of sale. Attendees with NFC-enabled phones are able to use their mobile device for contactless purchasing.

So far, consumers have been satisfied with their transactions, particularly with the fact that contactless payment takes less time than traditional payment methods.

The 2012 London Olympics allow for a great opportunity in testing contactless payment—will consumers like it, will it catch on, will it change the way we do business?

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