The Olympics Games are an event known for highlighting technological innovation. Included in the top five innovations for this year’s London games are Mobile Payments. Mobile contactless payment applications are being provided by Visa and Samsung, the two official sponsors of the Games.

The main element that makes this innovation possible is that Samsung has already incorporated the enabling of NFC technology into the Samsung Galaxy III “the official phone of the Olympics.” Right now the mobile payments industry still attends the NFC enabling of all mobile phones; the iPhone 5 included.

At the Games in London, users can scan their phone on contactless terminals to make a purchase. The app is included with additional features such as transaction history and account balance re-call, so users can track spending. The purchase management feature could help overcome the nostalgia surrounding overspending. Although, overspending with Mobile Payments should be less of an issue, considering most people will be likely to spend less with their credit card statement constantly on hand.

The down-side of the contactless payment’s to be featured for the Olympics, is that purchases are limited to £20. If your purchase is 21£ you would not be able to make the purchase. The combination of cash and contactless card payment is also not an acceptable means of paying.

The featuring of Mobile Contactless Payments at the Olympics should though, raise some public interest in having the technology more readily available. Additionally, the Olympic platform should also encourage users who may be hesitant; to try using mobile payments, in the spirit of the games. After the 2012 Games, London particularly will be further equipped with contactless payment terminals; an estimated 140 000 set to be distributed before the games begin.

Read more about Mobile Payments at the 2012 Olympic Games