Olympic Payments: Cash Can take Gold

Today the Let me take an appearance at the function Mobile Payments played in the this year London Olympic Video games. Visa, the Official Repayment Provider in the Olympics, pushed for M-commerce Technology being a secure and convenient payment option for customers throughout the London games. Jim McCarthy, Head of Products at Visa Incorporation., said “This summer season we will get demonstrating the potential of payments working in london – a potential where most consumers will rely in mobile devices, tablets and PCs to control their daily economical lives. “

As a part of Visa’s Olympics advertising push for the particular future of M-commerce, a limited version Samsung Galaxy T III was offered to some Visa sponsored athletes in addition to those fortunate enough to be able to be chosen for the trial run. Typically the device featured a good Olympic-branded version associated with Visa’s mobile payment application, Visa payWave. To make purchases, consumers simply had to select the Visa icon on the Samsung as well as carry the phone to a contactless payment port to pay.

This seemed as although Visa Tokyo Olympics Live had most the pieces set up to make this specific Olympics a cellular payments success; the dominant payment network, including Visa just ATMs positioned throughout the games, NFC -enabled vendors ready to take the particular mobile payments, and even spectators with wise phones who could pay via portable. The only trouble was competing towards an Olympic vet of every games, cash.

During Perfect Britain’s Men’s Football match versus the particular United Arab Emirates, spectators were unable to be able to pay for meals and drinks at Wembley Stadium simply by credit card or perhaps mobile payment right after terminals went along. Many ticket cases described the outlines that subsequently constructed up as silly and said the lack of cash machines at the particular west London surface added to the situation.

A spokesman with regard to Visa was speedy to point the particular finger at Wembley officials, placing typically the blame firmly on the stadium’s system infrastructure saying, “We understand that Wembley’s systems failed and therefore they were only accepting cash in the food and refreshment kiosks. inch

Twitting was bombarded using thousands of furious posts from people that found it totally unacceptable that they couldn’t feed them selves. This was due to the fact that will the only accessible way to pay was with old-fashioned cash and coins, a way of repayments Visa wanted to push away from together with its mobile repayment implementation.

In these types of games, mobile payments did not expand since much as Visa had anticipated. Include that to the finish network failure with Wembley Stadium and even it would seem that the effort was obviously a flop at this particular year’s Olympic Games. The silver coating however, is that m-commerce did have a huge existence at the online games. And the uproar due to the circle failure seems to prove that we are quickly moving away from cash as a society. A few years ago, credit rating card terminals going down at the Olympics might certainly not have been such a big story, not to mention a trending theme on Twitter. It seems for the London, uk Olympic Games, cash got the gold honor just as before in payments, good results . the recent doubling of portable payments users right here in the Circumstance. S. as well as the boost globally; cash might soon be unseated.