The Mobile Payment NFC(Near Field Communication) Application for London Olympics Will Be Officially Published At Mobile World Congress by Visa and Samsung which is being held on Barcelona, Spain from February 27th to March 1st.
The application is based on Visa’s PayWave Technology that enables contactless payments at the Point of Sale. To make payments, customers simply hold the phone in front of a contactless reader at the point of purchase. This app is expected to be embedded in mobile devices such as Samsung Galaxy Nexus. Purchases above 15 pounds require a passcode.
The application also lets customers check their transaction history and view their up to date account balance. VISA had Already Certified Samsung Galaxy S II to utilize its payWave technology, So Samsung Galaxy S II Owners will be able to use this service soon. LG’s Optimus NET NFC, BlackBerry Bold 9900, BlackBerry Bold 9790, BlackBerry Curve 9360 and BlackBerry Curve 9380, adding it to the list of Visa compliant payments products that can be used by financial institutions to transmit payments. Anyway this is the start of an era which utilizes the Latest Technologies into their financial needs and facilities.