Rio 2016 Olympics: Visa Unveils NFC Mobile Payment Ring for Athletes

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.