Visa, the Paralympic and Olympic’s payment technology partner, has unveiled wearable payment devices that are commercially available as the PyeongChang Olympic Winter Games approach. Some of the devices include gloves that are NFC-enabled and commemorative sticks as well as Olympic pins which allow athletes and fans to complete payments seamlessly and securely with just a simple tap.
“We are looking forward to transforming the payment experience for everyone who attends the upcoming Olympic Winter Games in PyeongChang. At Visa, we have been working tirelessly to ensure all of the Olympic venues are equipped with the very latest payment capabilities,” Iain Jamieson, the visa country manager for Korea, said.
Payments wearable devices
With regards to the commemorative Olympic Pin Visa will be making available four unique pins and all will bear the PyeongChang 2018 designs. The cost of each pin will be KRW5,000 and it will be possible to load the wearable with amounts of either KRW50,000 or KRW30,000.
Besides serving as a safe and secure way of making payments the gloves will help in keeping hands warm as temperatures in PyeongChang are expected to be around -4.6 degrees centigrade. The gloves will have a contactless antenna as well as an interface chip. Just like the commemorative pins, fans of the Games will be able load amounts of either KRW50,000 or KRW30,000.
Visa’s commemorative wearable stickers possess an antenna and an NFC-chip and their adhesive design will allow them to be stuck on almost anything in order to make payments fast, conveniently and securely. The stickers will come in 8 distinct designs and this includes the flag of Korea and Soohorang, the official mascot of the PyeongChang 2018 Olympic Winter Games. Amounts loadable on the stickers are 30,000, 50,000, 100,000 and 200,000 Korean Won.
Partnership with Lotte Card
The production of the prepaid payment wearables was made in conjunction Lotte Card, a fintech firm owned by Lotte Department Store, a retail giant based in South Korea. The payment wearables will hit the stores beginning November 9 and will be available on both the website of Lotte Card website as well as the fintech firm’s customer centers. When the Games kick off it will also be possible to buy the payment wearables from Visa vending machines which will be located in the Olympic Superstores.
As the Games’ exclusive payment partner the facilitation and management of the payment system infrastructure as well as the network in all the venues is being handled by Visa. This includes over 1,000 contactless POS terminals which have the capacity to accept wearable and mobile payments.