Deal will see both companies jointly roll out a handset with NFC and Visa contactless payment technology
Samsung and Visa have unveiled plans to jointly bring mobile payment technology to the market by way of a new handset which will be released for the 2012 London Olympics.
Both companies are sponsors of both the Olympic and Paralympic Games in 2012 and have combined their sponsorship assets and technological knowledge in the development of the handset.
Both say that the device will be equipped with NFC technology and Visa’s contactless payment technology.
Owners of the handsets will be able to be use it for contactless payments in countries across the world although a ‘Visa-enabled’ SIM card will be required to be used in the phone in order to make payments.
Samsung Electronics Europe president and chief executive Seokpil Kim (pictured second from right) said : “As a pioneer in mobile technology, Samsung is striving for long term change in the way we use mobile payments.
“In London next year, we regard the greatest show on earth as the perfect opportunity to showcase how this technology can make a positive difference to people’s lives – enabling them to feel closer to the Olympic and Paralympic Games.
“This mobile payment device will be available in the UK initially, and we plan to expand the service to other countries in Europe and around the world where contactless payment facilities are available in the near future.”
Visa is currently working with banks and retailers worldwide to roll-out acceptance for Visa contactless cards, as well as mobile phones, as part of an industry wide roll-out of contactless technology.
It says there are already more than 60,000 locations in London where contactless payments are accepted and contactless and electronic card payments will be available in the run-up to and during the 2012 Olympic and Paralympic Games.