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Samsung have confirmed that limited edition showcase Samsung Galaxy S3 devices will have the contactless payment app Visa payWave enabled for the Olympics.

The smartphones will be available to sponsored athletes and selected partners, with Visa and Samsung installing 3,000 terminals on the Olympic site alone.

Samsung had introduced the Galaxy S3 last week with features including a 4.8 inch HD screen, an 8MP camera and the S Voice voice-recognition software.

Visa claims that the payWave app is most useful “for places where we usually spend small amounts on items”. Any transaction made through payWave over £20 will require the user to input a passcode.

The app utilises near field communication (NFC) technology which allows devices to communicate with each other in close proximity. Even though NFC was developed as far back as 2002, it is only with the advent of smartphones that the technology has been fully harnessed.  

For those who have NFC compatible devices, Visa says the advantages of Visa payWave are ease of access, quicker transactions and shorter queues.

Visa also says that consumers are “receptive” to Visa payWave and that they “welcome the speed and convenience it offers.”

Samsung and Visa will both hope this will enable instant mobile payments to become more commonplace, with the Olympic Games being seen as the perfect opportunity to push the platform.

“The Samsung Galaxy S3 is the ideal device to showcase the ease and convenience of Visa’s mobile payment application at the London 2012 Olympic Games,” said DJ Lee, executive vice president of Samsung’s Mobile Communications Business.

Sandra Alzetta, senior vice president of mobile at Visa Europe, said that this will ultimately “fundamentally change the way we pay”.

“The future is mobile and cash usage will only continue to decline as people use their mobile devices to manage their money, shop and pay,” she said.