The Samsung Olympic Phone will allow users to make low value purchases by selecting a dedicated Visa app and swiping the handset across payment terminals.
Visa-sponsored athletes will be given the handsets for free, which will be linked to Lloyds TSB accounts.
Members of the public can purchase the phone along with a Visa-enabled SIM card from their network operators.
Lloyds TSB is rolling out a wider mobile payments plan, starting with a large scale internal pilot this month. A commercial launch, linking mobile payment to prepaid accounts, will follow at the end of the year.
Mike Regnier, director of personal current accounts for Lloyds TSB says: “The future of payments is changing and Lloyds TSB will be key in transforming the way consumers make purchases, through the launch of mobile payments.
“Embracing digital innovation is part of our strategy in helping our customers access pioneering products and services.”
London 2012 Olympic and Paralympic Games sponsorship
- Visa – worldwide “TOP” partner, consumer payment systems
- Samsung – worldwide “TOP” partner, wireless communications equipment
- Lloyds TSB – banking and insurance partner