Visa to unveil 'debit rings' in Rio Olympics | Inquirer Technology

Visa to unveil ‘debit rings’ in Rio Olympics

/ 01:54 PM June 03, 2016

There’s a sixth ring that will roll out in the upcoming Summer Olympics in Rio de Janeiro in Brazil.

International financial services company Visa announced on Thursday that it will unveil NFC (near field communication)-enabled payment rings to 45 Team Visa athletes representing the company. Prepaid money is stored in the rings, which can be reloaded and hovered in 4,000 NFC-capable POS terminals in the different Olympic venues.

In a report by CNN Money and Techradar, these rings, which come in white or black ceramic, are waterproof–they can be submerged underwater up to 50 meters (164 feet), and do not require either electronic charging or batteries.

Article continues after this advertisement

Using its Visa Token service, the wearable prototype can be used when it is scanned over the sensor on a card reader for payment.

FEATURED STORIES

Missy Franklin, a four-time Olympic gold medalist for swimming, mentioned in a statement, “As an Olympian, rings have a special meaning to me. The Visa ring is a great innovation that I know all the athletes competing in Rio will enjoy as it will be.”

“It’s great to go from a competition to purchase [something] without having to carry a wallet or card.”

Article continues after this advertisement

Visa is the only card accepted at the Rio Olympics, which will begin on Aug, 5, and the company is notable for experimenting cutting-edge prototypes in every sponsored event such as the Olympics.

Article continues after this advertisement

It is expected that Visa will develop the technology for its millions of clients later this year. Gianna Francesca Catolico

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TOPICS: Olympics, Rio Olympics, technology, Visa
TAGS: Olympics, Rio Olympics, technology, Visa

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.