Athletes Can Use a Payment Ring at the 2016 Olympic Games in Rio
Visa-sponsored athletes competing at the Summer Olympics in Rio this August will be able to pay for goods with a wearable ring.
Visa announced the ring will allow users to complete transactions by tapping it at NFC-enabled payment terminals.
The ring, designed by McLear & Co., contains a secure Gemalto microchip, which will make transactions safe. Unlike many wearables, this ring does not require a battery or recharging, and is water resistant.
“As an Olympian, rings have a special meaning to me,” said Missy Franklin, a four-time Olympic gold medalist and Team Visa athlete. “The Visa ring is a great innovation that I know all the athletes competing in Rio will enjoy as it will be great to go from a competition to purchase without having to carry a wallet or card.”
The ring uses Visa Token Service. This technology replaces sensitive payment information, such as account numbers, with a digital identifier, which helps users protect their payment card data.
“Visa’s first payment ring puts smart payment technology right on the hands of our athletes for convenient and easy payments,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc.“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.”
Visa is the exclusive payment provider for the 2016 Olympic Games, so it will create and manage the payment systems infrastructure at all Olympic venues, including stadiums, press centers, POS terminals, the Olympic Village and Olympic Superstores. There will be approximately 4,000 NFC-enabled payment terminals at the Olympic venues.