Electronic card company and exclusive payment provider of the Olympic
Games, Visa
has invented a water-resistant, battery-free ring tagged "Visa payment ring", that will allow athletes make payments
during the forthcoming Rio 2016 Olympic Games in
August. The ring is NFC-enabled, allowing athletes to
make purchases by simply tapping their ring at any NFC-capable payment terminal.
The first payment
wearable ring backed by a Visa account will be given to all Team Visa athletes
in a group of 45 Olympic hopefuls from around the world who embody Visa’s
values of acceptance, partnership and innovation.
“Visa’s first payment ring puts smart payment
technology right on the hands of our athletes for convenient and easy payments
and strategic partnerships at Visa. This ring is the latest example of how Visa
is continuously innovating to deliver on its goal of universal acceptance at
the games and across the world,” said Jim McCarthy, Executive Vice President of
Innovation, Visa.
He added that
athletes and fans will also be able to use their Visa accounts. From booking
and planning their trip using Visa Checkout or making purchases at the games on
their mobile phone, both experiences are first-time offerings for Rio 2016,
enabling athletes and fans to swipe, tap, dip or click to pay during their
Olympic experience.
Chris Dean, Senior Director, Visa Innovation
and Strategic Partnerships said the idea for a ring came as result of
Visa's conversations with athletes, who were looking for a simple payments
device without the stress of charging and something that could survive in water.
“With that in mind, the Visa device is
made of a light, shiny ceramic and embedded with an antenna. It is water-resistant
to a depth of 50 metres and does not need a battery; instead, it pulls in power
from a point-of-sale machine when it is placed over it”.
Demonstrating in a press conference, he
showcased how the new device works just like the smartphone or smartwatch to
make payments, with a user simply placing the ring above a point-of-sale
machine. He added that the ring will be connected to a prepaid Visa account,
which can be reloaded online. When lost or stolen, the ring's account can be
changed, the same way Visa closes out a stolen credit card number.
Commenting on the Visa Ring, Missy
Franklin, four-time Olympic gold medalist and Team Visa athlete said the athletes
will appreciate the innovation , as it will be great going for a competition without having
to carry a wallet or card when you need to transact.
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