2016 Olympics Provides Platform for New Visa Tech

cash moneyVisa is hoping to promote its wearable and biometric payment solutions at next year’s Olympics, and in the lead-up to it; the company has unveiled Team Visa Rio, a group of Olympic hopefuls Visa is sponsoring as they strive to attain their Olympic dreams. The athletes were recently invited to the Team Visa Summit in San Francisco, where they were introduced to the company’s new payment technologies.

Among the athletes being sponsored are such heavyweights as America’s Ashton Eaton, Canada’s Ryan Cochrane, Korea’s Kim Jae-Bum, and many others. It’s a partnership with the Olympics too, of course, furthering a 30-year relationship between Visa and the International Olympic Committee. Through Visa’s sponsorship, next year’s games will entail the promotion of new payment services including Visa Checkout and Samsung Pay, the latter of which is about to launch in the US.

In a press release, Visa also hinted at “future payment technology applications including biometric payment options and wearables.” While it isn’t yet clear what exactly is meant by this, Visa has lately been ramping up its exploration of mPayments and biometric security, with a recent announcement of a new biometric specification for transactions involving EMV cards. The 2016 Olympics, along with Team Visa Rio, will provide a powerful platform upon which to promote such technology to the mass market.