Visa Inc. (NYSE: V) Visa, the Worldwide Olympic Partner and exclusive payment provider of the Olympic Games, reveals today that it will provide all 366 Team GB athletes, as well as 150 support crew and athlete stakeholders, with an exclusive Team GB-branded Payment Band to transform their payment experience. The Team GB Payment Band is NFC-enabled, allowing the athletes to make purchases simply by tapping the wearable at any NFC-capable payment terminal.
The bands, which Visa has developed in partnership with Barclaycard, utilise a secure bPay microchip with an embedded NFC-enabled antenna to allow contactless payments without the use of a battery or need for it to be recharged. Athletes have a choice between blue or white bands, complementing their Team GB uniforms.
As the exclusive payment provider of the Rio 2016 Olympic Games, Visa has implemented an advanced payment system at an Olympic Games to make it easy for visitors to buy food, drinks and mementos of the event. The key venues for the Games feature 4,000 NFC-enabled Visa POS terminals which are able to accept mobile and wearable payments.
Kevin Jenkins, Managing Director for the UK and Ireland, said:
"Wearable payments make life so much easier – fewer things to carry, fewer things to keep track of – which is why Visa is innovating in this area with our partners. We are proud to work with Barclaycard in support of Team GB and hope that the band makes their life just that little bit easier with tap at the checkout."
Tami Hargreaves, Commercial Director, Digital Consumer Payments at Barclaycard, said:
"bPay removes the need to fumble around for cash or a card, making it ideal for busy athletes on the move who want a quick and easy way to pay. Contactless spending is growing at a rapid rate, and as the UK's leading provider of wearable payment products, Barclaycard hopes its partnership with Visa will help make the lives of Team GB that little bit easier when they pay for goods and services."