September 28, 2015 -
Visa Inc. recently held a two-day Team Visa Summit and innovation showcase at its San Francisco headquarters where some Olympic and Paralympic athletes were given a preview of Visa’s future payment technology applications including biometric payment options and wearables.
Visa demonstrated a proof of concept for a NFC chip-embedded wristband that would enable users to make purchases at concessions as well as grant them entry into the venue, according to a report by Forbes.
The wristband would require users to register through Visa’s website in which they would select a username, password and payment information. Once fully registered, the wristband would serve as a mobile ticket and credit card.
“It moves from this traditional eCommerce, mobile commerce to then using that same technology transfered into wearables,” said Amy Dawson, head of merchant digital solutions at Visa.
Visa also showcased other authentication concepts, such as a biometric device capable of reading fingerprints from a hand swipe. The device requires users to register with their fingerprint and credit card data.
As a lead sponsor of the Rio 2016 Olympic Games, Visa will be promoting its new payment services including Visa Checkout with tokenization technology, which launched this past spring.
The Summit kicked off Visa’s year-long program in support of Olympic and Paralympic global athletes as they train for the 2016 Games.
Team Visa Rio includes more than 30 Olympic and Paralympic athletes, including USA’s Carli Lloyd and Ashton Eaton, Brazil’s Emanuel Rego and Tiago Splitter, Australia’s Sally Pearson, Canada’s Ryan Cochrane, Korea’s Kim Jae-Bum, Japan’s Daiya Seto, Mexico’s Ivan Garcia, and Russia’s Yana Kudryavtseva.
“The Rio 2016 Olympic Games will feature the latest technology and payment innovations that will enhance the Olympic experience for athletes, fans, cardholders and clients,” said Jim McCarthy, Visa’s executive vice president of innovation and strategic partnerships. “Whether you’re competing in the Olympic Games or a passionate spectator on the sidelines, Visa will help you experience the latest ways to pay.”
Previously reported, Visa is set to introduce a new specification option which integrates palm, voice, iris, or facial authentication capabilities with chip card transaction.