Visa, Samsung unveil Olympics NFC payments app

Digital Media Wire reports.

The application will handle contactless payments at the point of sale, based on Visa's payWave technology. The payments are covered by the same terms and conditions that apply to Visa cards.

The app also lets customers check their transaction history and view their up-to-date account balance, Mobile Magazine says.

Samsung and Visa revealed in May last year that they would be bringing near field communications (NFC) payments to this year's games, NFC World states.

"London 2012 is a unique opportunity to show the future of payments coming to life and leave a lasting legacy post-2012," says Sandra Alzetta, head of innovation at Visa Europe. "The new mobile payment application is central to this showcase."