Samsung will issue special NFC-ready (near field communication – the technology behind cashless payments) Olympic smartphones to athletes. The phone will also go on general sale.
A total of 60,000 locations are expected to be ready to accept contactless payments in time for the Olympic Games. Shoppers will be able to hold their handset close to a reader to make their payment.
Sandra Alzetta, head of innovation, Visa Europe, said: "The Olympic and Paralympic Games offers an unrivalled opportunity to demonstrate the power of mobile payments to a worldwide audience and further the technology's development. Announcing Lloyds TSB as our issuance partner for our athletes, continues this momentum as all eyes turn to London in the run up to the Games."
Lloyds TSB will begin trials this month with an internal pilot, using prepaid accounts. This will be extended to a commercial launch by the end of 2011.
The partnership builds on Visa's work with Samsung Electronics, the Worldwide Olympic Partner for wireless communications equipment, to bring mobile payments to the Samsung Olympic mobile phone, which will be available to the general public.
Mike Regnier, director of personal current accounts, Lloyds TSB, said: "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.
"We are delighted to be working with Visa at such an exciting time. The launch of mobile contactless payments will revolutionise the way people pay in the run-up to, during, and beyond the Games."
The Lloyds TSB system is designed to work across any network or smartphone, and both Orange and O2 will launch cashless payments systems later this year.
Transport for London's Oyster system uses similar technology and it will be possible to make cashless payments to travel.
Nokia is already preparing to use NFC to roll-out rich media campaigns.
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