Attendees of the 2012 London Olympics will be able to use contactless payment systems at vendors’ credit card terminals, according to Point of Sale News. The system, based on Visa’s payWave technology, uses radio frequency identification (RFID) technology to transmit account information from a customer’s mobile phone or credit card to a payment terminal.
Visa’s payWave technology first used chip-embedded credit cards that were capable of communicating with a contactless credit card terminal, the source reports. If the amount of the transaction exceeded a certain dollar amount, cardholders would be asked to verify the transaction by entering their PIN.
The new version of the technology was launched after Samsung and Visa partnered up and released an application that will allow users to pay with phones instead of mag-stripe cards during the games. Customers will be able to store account information in the app and use it for mobile credit card processing. More than 3,000 point of sale terminals have already been installed in preparation for the Paralympic and Olympic games.
This service may just be a pilot program depending on the European Commission’s decision about another mobile wallet platform, according to The Telegraph. Mobile payments have come under more scrutiny as wireless providers and banks have put a major focus on developing the necessary products and services.Back To Blog