Samsung is one of the official sponsors of the 2012 Olympics taking place in London. As part of the sponsorship agreement Samsung is releasing a limited edition version of its Samsung Galaxy S3 flagship phone in conjunction with Visa.
As well as breaking sales records in the UK, the Samsung Galaxy S3 is the official phone of the Olympics. A limited-edition version of the phone will be given out to Samsung and Visa sponsored athletes, who will be able to use it to make contactless payments at various sites around the Olympic park.
Samsung and Visa have given us one of these phones to trial its mobile payments service and we’ll be using it over the next few days to find out how easy it is to make contactless payments in central London.
It looks identical to the high-street Galaxy S3, with the exception of a pre-installed Visa app – Visa payWave, which is used to monitor use and preloading money from a Lloyds TSB account.
Visa projects that by 2020 50% of Visa transactions processed will be contactless payments. There are currently 140,000 contactless payment points around the UK, including: McDonalds, Nandos, Subway and Eat. Barclaycard has recently unveiled PayTag to its customers where users can make payments up to £15
At the moment Visa is only trialling the app and has no plans to launch it commercially, doing so would mean agreements with all the UK’s issuing banks.