Samsung has joined forces with Visa to allow customers to make payments using their mobile phones.
The Olympics sponsors will create a new mobile handset in time for the 2012 Games which they say will transform the payment system around the world by enabling faster and more convenient payments.
The Samsung Olympic and Paralympic Games mobile handset will be equipped with technology that enables mobile payments, Near Field Communications (NFC) and Visa’s contactless payment technology.
To make payments, customers select the Visa mobile contactless application on the mobile handset, select pay and hold the phone in front of a contactless reader at the point of purchase.
"As a pioneer in mobile technology, Samsung is striving for long term change in the way we use mobile payments," said Seokpil Kim, president & CEO of Samsung Electronics Europe.
"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."
He added that the device would initially be available in the UK before being expanded to other countries in Europe and around the world where contactless payment facilities are available.
Samsung has led the way in NFC-enabled phone technology through its launch of one of the first commercial NFC phones in France last year.
It then unveiled the industry’s first Android phone equipped with NFC capabilities last year, followed by the NFC-enabled bada smartphone.
Visa is 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.
In London there are already more than 60,000 locations 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.
Samsung and Visa plan to make the handset available for consumers to purchase through mobile network operators and other distributors, as well as providing them to Visa and Samsung sponsored athletes.
"Visa, like Samsung, shares the vision of leveraging our Olympic and Paralympic Games sponsorship to leave a lasting legacy in the market for banks, retailers, mobile operators and consumers," said Peter Ayliffe, CEO of Visa Europe.
"We are not only breaking new ground for Olympic partnerships, we are committed to enabling consumers to connect with mobile and contactless payments technology for 2012 and beyond."