Samsung & Visa to Provide NFC Payment System for 2012 London Olympics

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The Olympic Games are a much anticipated event for sporting fans worldwide. It’s also an opportunity for businesses to make money. Samsung and Visa are teaming up in order to make payments easier.

Various companies are racing to provide mobile wallets of their own. Samsung and Visa are just among the several mobile manufacturers and payment gateways that are planning to launch NFC payments in the near future. Samsung and Visa will offer mobile payments before, during and after the London Olympics, and will even launch a special handset for the Olympic and Paralympic games in London.

The system will use Visa’s mobile application for payment. When a user is ready to pay, he opens the app, and holds it in front of a special NFC receiver at the checkout counter. Samsung and Visa plan to expand the service outside of the UK after the Olympics, starting with Europe. This will make contact-less purchases more popular, which should catch up with the availability of NFC-enabled handsets from various smartphone makers.