Samsung Electronics and Visa today announced that Samsung and Visa-sponsored Olympic athletes and trialists will be issued with a limited edition Samsung GALAXY S III, enabled with near field communication (NFC) technology making it possible to make purchases by passing a handset over a receiver. More than 140,000 contactless terminals will be in operation around the UK in time for the Games.
Sandra Alzetta, senior vice president of mobile at Visa Europe, said: "Mobile technology has long been a revolutionary force in our lives and NFC-enabled devices such as the Galaxy S III will fundamentally change the way we pay. The future is mobile and cash usage will only continue to decline as people use their mobile devices to manage their money, shop and pay."
Visa payWave for mobile allows users to simply select the Visa icon on their mobile device and hold the phone to a contactless payment terminal to pay. Purchases above £20 require a passcode. The application also allows customers to check their transaction history and view their account balance.
Research firm Berg Insight has reported that annual global sales of NFC-equipped handsets will reach 700 million units by 2016.
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