Visa and Lloyds TSB Olympic Phone partnership to accelerate UK mobile payments, in the run up to and during the 2012 Games
June 04, 2011 (PRLEAP.COM) Business NewsVisa and Lloyds TSB today announced the bank as the mobile payments issuance partner for the Samsung Olympic and Paralympic Games mobile handset, which will be given to Visa-sponsored athletes. As issuance partner, the contactless enabled Olympic handsets given to Visa-sponsored athletes will be linked to Lloyds TSB bank accounts. The announcement signals the start of Lloyds TSB's broader mobile contactless payments programme for consumers.
Mobile payments are set to transform the payment process for consumers in the UK and around the world, enabling them to make fast and secure transactions using their smartphones. In London there are already more than 60,000 locations where contactless payments are accepted and contactless and electronic card payments will be available across London during the 2012 Olympic and Paralympic Games.
Once issued, participants will be able to use Near Field Communications (NFC), the technology required to make mobile payments, built into the Olympic handset. To make payments, customers simply select the Visa mobile contactless application, select pay and hold the phone in front of a contactless reader at the point of purchase. Participants in the programme using the Samsung Olympic Mobile Phone will have the ability to view their balance prior to, and after a transaction, enabling greater control and convenience.
The partnership builds on Visa's work with Samsung Electronics, the Worldwide Olympic Partner for Wireless Communications Equipment, to bring mobile payments to the Samsung Olympic Mobile Phone, which will be available to the general public. Lloyds TSB's support for Visa-sponsored athlete mobile payment issuance marks further cooperation between Olympic and Paralympic Games sponsors to showcase the flexibility and convenience of mobile payments technologies at the world's biggest sporting event.
Sandra Alzetta, Head of Innovation, Visa Europe, said: "The Olympic and Paralympic Games offers an unrivalled opportunity to demonstrate the power of mobile payments to a worldwide audience and further the technology's development. Announcing Lloyds TSB as our issuance partner for our athletes continues this momentum as all eyes turn to London in the run up to the Games."
Mike Regnier, Director of Personal Current Accounts, Lloyds TSB, commented: "The future of payments is changing and Lloyds TSB will be key in transforming the way consumers make purchases, through the launch of mobile payments. Embracing digital innovation is part of our strategy in helping our customers access pioneering products and services.
"We are delighted to be working with Visa at such an exciting time. The launch of mobile contactless payments will revolutionise the way people pay in the run up to, during, and beyond the Games."
Lloyds TSB's wider UK mobile payments plan will be rolled out in a phased approach. The programme starts with a large scale internal pilot using prepaid accounts this month, followed by a commercial launch linked to prepaid accounts by the end of 2011. In 2012, the Samsung Olympic Mobile Phone for Visa-sponsored athletes will have embedded payment capability making mobile payments a reality.
Visa and Lloyds TSB are working with a variety of industry players to ensure that mobile payments work seamlessly across different types of smartphones and mobile networks.
Notes to Editors:
Mobile payments can be made from phones enabled with Near Field Communication technology (NFC). The phone is held in front of a contactless reader at the point of purchase. NFC technology allows mobile devices to 'read' information similar to contactless debit cards and has the same security protection. Customers using mobile contactless payments in the UK can currently make purchases up to £15. In the future, they will be able to make purchases above this amount after entering a passcode onto the phone.
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About Lloyds TSB's involvement in the London 2012 Olympic and Paralympic Games
Lloyds TSB is the proud Banking and Insurance Partner of the London 2012 Olympic and Paralympic Games and a presenting partner of the Olympic Torch Relay. Lloyds TSB's vision is to inspire and support young people, businesses and communities across Britain in the journey to London 2012 and beyond.
London 2012 will touch every person in Britain and with branches on practically every high street, Lloyds TSB are uniquely placed to take the benefits of the Games to communities the length and breadth of the country. Our Partnership with the Olympic Torch Relay is a clear demonstration of our commitment to take the Games to communities, and the benefits and value of the Games beyond London
Our London 2012 activity is already having an impact in local communities, with over 800 emerging young athletes supported on their journey to 2012 and beyond through our Local Heroes programme, and over five million young people being inspired to do more sport through National School Sport Week.
Lloyds TSB is also a partner of the London 2012 ticketing programme, and supports the ticket registration site, Additionally, Lloyds TSB branches were the only place in England and Wales where the public could pick up a ticket guide. Bank of Scotland branches were the only place to pick up a ticket guide in Scotland.
For more information on how Lloyds TSB is bringing Games to communities across Britain, visit: www.lloydstsb.com/london2012
About Visa Europe
In Europe, there are 427 million Visa debit, credit and commercial cards. In the 12 months ending December 2010 those cards were used to make purchases and cash withdrawals to the value of €1.6 trillion. 12.5% of consumer spending at point of sale in Europe is with a Visa card, and more than 70% of that is on Visa debit cards.
Visa Europe is owned and operated by more than 4,000 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe. As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission's objective to create a true internal market for payments.
Visa enjoys unsurpassed acceptance around the world. In addition, Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in over 200 countries.
For more information, visit http://www.visaeurope.com/
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks-VisaNet-that is capable of handling more than 20,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About Visa's Involvement in the Olympic and Paralympic Games
Visa is proud to be a worldwide partner of the London 2012 Olympic and Paralympic Games. Visa plays an integral role in the Games, having been a committed sponsor for 25 years. Visa Europe is also the presenting partner of Team 2012 – 1,200 British athletes who are striving to compete at the Olympic and Paralympic Games in 2012. This is the first time that such a large group of athletes has been supported in this way. At every Olympic and Paralympic Games, Visa creates and manages the entire payment system infrastructure and network throughout all Games venues. Visa has been a worldwide Olympic Games sponsor since 1986 as well as a worldwide sponsor of the Paralympic Games since 2002 and is the exclusive payment card and official payment network of the Olympic and Paralympic Games.
About NFC and contactless technology
The mobile phone is as ubiquitous for consumers as their wallet, so it is logical that the mobile phone and payments industries should come together to realise this next stage in mobile evolution. During the last twelve months, there has been significant progress towards mobile payments becoming a reality, as manufacturers standardise technology, numerous mobile payment trials are successfully completed and contactless technology starts to gain mainstream acceptance.
Visa's offerings take advantage of a wide range of new technologies. Phones equipped with Near Field Communication (NFC) technology make it possible for the devices to initiate Visa contactless transactions. The advent of phones that support next generation high speed networks can enable near real-time transaction alerts for added levels of security, fast and convenient purchases via the mobile internet, and deliver retailer offers tailored to life style and location. These developments have inspired Visa, mobile operators, handset manufacturers, and banks to work together to incorporate payment as a mobile application.