Monday, June 23, 2008

Proximity Payment Systems Get An Olympian Effort

Artist Conception - Olympic Stadium, London. Image Credit: Evening Standard (UK)

Proximity Payment Systems Get An Olympian Effort

From cellphones, credit/debit cards, to kiosk pay systems … the 2012 Olympic Games hosted by England will be run as a cashless, contactless payment affaire.

London already boasts more than 5,000 retailers from quick transaction food to specialty retail working with the new systems that feature the use of a special Visa “wave and pay” card that goes by the name Oyster.

The larger plan for the Olympic venues is to have all that attend, carry absolutely NO CASH and be able to go from venue to venue in a utopian, controlled instant and/or pre-paid environment.

Contactless payment systems known as "wave and pay". Image Credit: The Retail Factory (UK)

This from the Evening Standard (UK) -

The plastic Olympics: visitors to 2012 told 'no cash is needed'
Mark Prigg, Science Correspondent - 19.06.08

Visa is already using the technology and has distributed more than 100,000 "wave and pay" cards to its customers in London. More than 5,000 retailers, including McDonald's, Krispy Kreme and Eat have signed up to the scheme.
From today, the cards can also be used to pay for an Evening Standard simply by tapping them over electronic readers at vendors' kiosks. This uses GPRS-based technology developed in conjunction with Lloyds TSB Cardnet. Guido Mangiagalli of Visa said: "By the end of the year we hope to have over 13,000 retailers signed up but we see the 2012 Games as being our chance to really showcase this technology. Every Olympic venue will have contactless readers in retailers and we aim to make the Games entirely cash-free for visitors."
For visitors to the Olympics who do not own a credit card, prepay cards will be sold. Payments with the cards will be limited to £10 and Visa hopes they will be used for smaller purchases.
Mr Mangiagalli said: "We knew there would need to be a significant cultural shift for consumers and retailers to fully embrace the concept of using cards to make low-value payments - traditionally the preserve of cash.
"In retail environments, such as coffee shops, express grocery stores and newsagents, where purchases are lowvalue and speed of service is essential, Visa payWave offers a secure, convenient and quick alternative to cash and it is revolutionising how consumers pay for items in London and across Europe."

Mobile phone firm O2 has also been testing the technology with a mobile that acts as a credit card and Oyster card. Users simply swipe the back of the phone over a reader to make payments.

Reference Here>>

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