Olympics Fuel Visa's Optimism for Mobile Payments

by Mercator Advisory Group 0

Visa recently released data on NFC use at the 2012 Olympics in London, where the network and event sponsor conducted a mobile payments pilot program. Visa was the only form of electronic payment accepted at the Games this year, which provided a venue for the network to demonstrate the value of contactles payments.

Here are some of the statistics as reported by NFC World:

  • In the 10 weeks leading up to and including the Games, the number of contactless transactions in the UK doubled.
  • There were six times the number of contactless transactions during Games time as there were during the same period in 2011.
  • During the Games the Olympic venues accounted for 15% of contactless transactions in the UK.
  • Contactless payments at Olympic venues over the Games period represented 10% of all on-site Visa transactions and 20% of all on-site Visa transactions under £20.

“The response has been extremely positive and our priority now is on turning that enthusiasm into commercial mobile payment deployments across Europe,” says Visa’s Mary Carol Harris, adding that “By 2020 we expect that half of all transactions over our network will be through a mobile device. We recognize that the journey is a marathon, not a sprint.”

Click here to read more from NFC World.