Olympic Payments: Cash Can take Gold

Today the I’d like to take an appearance at the part Mobile Payments enjoyed in the this year London Olympic Games. Visa, the required Payment Provider from the Olympics, pushed for M-commerce Technology as a safe and convenient transaction option for customers throughout the London, uk games. Jim McCarthy, Head of Goods at Visa Incorporation., said “This summer we will get demonstrating the future of payments working in london – a potential where most buyers will rely upon mobile devices, capsules and PCs to control their daily monetary lives. “

As an element of Visa’s Olympics marketing and advertising push for the future of M-commerce, a limited model Samsung Galaxy H III was offered to some Australian visa sponsored athletes in addition to those fortunate enough to be able to be chosen to the trial run. Typically the device featured the Olympic-branded version associated with Visa’s mobile transaction application, Visa payWave. To make buys, consumers simply necessary to select the Visa for australia icon on typically the Samsung as well as carry the phone into a contactless payment airport terminal to pay.

This seemed as nevertheless Visa had all the pieces in place to make this Olympics a portable payments success; the dominant payment network, including Visa just ATMs positioned through the games, NFC -enabled vendors ready to take typically the mobile payments, Tokyo Olympics Live Reddit and even spectators with clever phones who may pay via cellular. The only problem was competing towards an Olympic veteran of the industry of every game titles, cash.

During Good Britain’s Men’s Sports match versus typically the United Arab Emirates, spectators were unable to pay for foods and drinks in Wembley Stadium by simply credit card or perhaps mobile payment following terminals went straight down. Many ticket slots described the lines that subsequently built up as ridiculous and said the lack of money machines at the west London ground added to the situation.

A spokesman regarding Visa was fast to point the finger at Wembley officials, placing the particular blame firmly in the stadium’s network infrastructure saying, “We understand that Wembley’s systems failed and so they were only accepting cash with the as well as refreshment kiosks. “

Twitting was bombarded together with thousands of furious posts from people that found it completely unacceptable that that they couldn’t feed on their own. It was due to be able to the fact that the only accessible way to spend was with old-fashioned cash and cash, a method of repayments Visa wanted in order to push away from together with its mobile settlement implementation.

In these games, mobile obligations did not expand because much as Visa for australia had anticipated. Include that to the finish network failure at Wembley Stadium and it would appear that the effort was a flop at this year’s Olympic Online games. The silver lining however, is the fact that m-commerce did have a big presence at the game titles. And the pandemonium brought on by the networking failure seems in order to prove that we have been quickly moving apart from cash while a society. Just a couple years ago, credit card terminals proceeding down at the particular Olympics might certainly not have been this sort of big story, not to say a trending matter on Twitter. It appears for the London, uk Olympics, cash had taken the gold medal just as before in repayments, but with the recent doubling of cell phone payments users here in the U. S. as well as the enhance globally; cash may well soon be unseated.