Samsung and Visa have developed the official mobile payments application of the London 2012 Olympic and Paralympic Games, which the partners will unveil at the Mobile World Congress on February 27.

The application will handle contactless payments at the point of sale, based on Visa’s payWave technology, and are covered by the same terms and conditions that apply to Visa cards. The main difference is that purchases above £15 (about $24) require a passcode.

Visa also is working with a number of major manufacturers to certify handsets for NFC payments. For London 2012, there will be more than 3,000 contactless terminals installed across the Olympic and Paralympic venues showcasing prepaid, contactless payments, mobile technologies, and other innovations, said Sandra Alzetta, head of Innovation at Visa Europe.

Visa has been a worldwide sponsor of the Olympic Games for more than 25 years and the Paralympic Games since 2002. Samsung’s commitment as a worldwide Olympic Partner continues through to Rio 2016.

DJ Lee, executive vice president and head of Sales and Marketing team of Samsung’s Mobile Communications Business, said Samsung believes this partnership with Visa and the Olympics will encourage consumers to adopt contactless mobile payments.

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