Visa has positioned itself at the Rio 2016 Olympics as the only card service provider. Trial payments are been organised by Visa with employees, partners, and Olympic athletes alike with its newest payment system ring which only requires the user to wave their ring over the terminal and the transaction will be completed. There is no need for batteries, passwords, or screen when using the ring. The ring is also water-resistant up to 50 metres.
For security, a smartphone app is available to deactivate the payment ring. This ring is powered by the terminal and does not need any batteries. The ring gets enough power supply from the terminal to finalize the transaction with the embedded chip that is in the ring. The ring innovation was borne out of the fact that Olympians might find it cubersome to reach a wallet when constantly changing in and out of uniform and was designed to help Olympians incorporate an easier way to pay for the busiest athletes all around the world.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
As the exclusive payment provider of the Olympic Games, Visa is creating and managing the entire payment system infrastructure and network throughout all venues including stadiums, press centers, point-of-sale (POS), the Olympic Village and Olympic Superstores.
“Visa’s first payment ring puts smart payment technology right on the hands of our athletes for convenient and easy payments,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc.
To assist with the mobile payment scheme, 4,000 NFC-capable POS terminals will be deployed by Visa around Olympic venues. The summer games commences on August 5th.
Video Credit – USA TODAY
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