We all know that when the Olympics come around the host cities do all that they can to beautify the cities and make the technology of the city as up to date as possible. This makes for a lot of work and effort especially for London as the 2012 Olympics draw nearer they are making many new changes such as contactless payment, WiFi hotspots all over the London Underground, and now they are negotiating with banks to allow Visa mobile phone payment. This is an already existent technology, but to be able to take it from the early stages and completely throw it into an environment where it is bound be of use to many of the customers. With already 60,000 locations ready with contactless payment it may seem to be something which is irrelevant to the Olympic games, but when put into perspective it should speed up the long lines which will be at the Olympic games. Since Visa and Samsung have teamed up in this initiative, we should expect to see some pretty good results as well as a release of more Visa-enabled sim cards and VIsa enabled phones.
I believe that this will be a pretty big step forward for Visa if they get this approved, and hopefully it will move the rest of the world into an era where contactless payment will eventually become the standard method of payment. Of course this will have it’s own issues, such as if your phone were to be stolen people would be able to easily use the payment on their phones before they will have th opportunity to cancel their phones. Of course another issue arises for many people is that people will begin to not go on with their everyday lives unless they have their cell phones. I think that this will be a good future for us since it can reduce the spread of germs through contactless payment, it will make sure that most people will always have some way to pay for goods despite forgetting to bring their wallet, and it will definitely bring us all into a new era which we have not yet been able to get off the ground. So in all it should be a good thing for us all.
Sources: Engadget BGR