Samsung and Visa announced that the Samsung GALAXY S III, will be Samsung's Olympic Games Phone during the London 2012 Games.
"A limited edition showcase device enabled with Visa's mobile payment application, Visa payWave, will be available for Samsung and Visa sponsored athletes and trialists, making it possible to buy merchandise with a wave of the device at thousands of retail locations throughout London," Samsung posted.
"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," Samsung said.
Samsung's Olympic Games phone for the London 2012 Games, comes equipped with Near Field Communication (NFC) payment capability and is the next step in the partnership between the two global Olympic Games sponsors as they work together to drive the availability of commercial mobile payments around the world.
"By the time of the Olympic Games there will be more than 140,000 contactless terminals around the UK. From the moment visitors land at Heathrow they will be immersed in a contactless payment experience with everything from taxis, to retail outlets, to the Olympic Park itself," the company wrote.
NFC is already becoming the norm: Berg Insight reports that annual global sales of NFC-equipped handsets has increased ten-fold to 30 million devices in 2011 and is forecasted to reach 700 million units by 2016. In addition, an estimated 20 countries are expected to launch NFC services in the next 18 months, resulting in transactions approaching $50 billion worldwide by 2014, according to Juniper Research.
The showcase Samsung Galaxy S 3 device is supported and enabled by London 2012 Games partner Lloyds TSB in the UK.