The London 2012 Olympics will capture the imagination of the entire world with a combination of spectacular entertainment, heartfelt competition and national pride. What better place to set the stage for the next generation in payment processing? VISA is taking full advantage of this spectacle to paint the picture of how traditional payment processing will be transformed over the next few years.
VISA is selectively putting technology in the hands of athletes, merchants and visitors to the London Olympics. In fact, a limited edition of the Samsung Galaxy S III will be given to VISA sponsored athletes complete with an Olympic-branded version of VISA’s mobile payment app. Further, there will be 140,000 payment terminals that will accept payments from the mobile payment app, called payWave, as well as other VISA contactless card products.
So while you’re in London scurrying between Olympic venues you can rely on your mobile phone to pay for your taxi ride. VISA reports that more than 4,000 taxis will be equipped with the contactless payment terminal.
The question is, will VISA feel the thrill of victory or taste the agony of defeat? It is clear the stage has been set, but success depends on a lot of moving parts all working together. If the Samsung Galaxy delivers fast and reliable performance, the merchants are properly trained on the new contactless terminals and the sense of novelty captures the imagination of athletes and other VIPS, then it spells success. If any one of these components breaks down, the VISA competitors will be watching and learning.
If you are traveling to London, please let us have your feedback. US Dataworks is committed to delivering innovative payment solutions and a great customer experience. We want to know what worked well with payWave and where improvements could be made.
Source: VISA Press Release