Both companies will introduce and demonstrate the app at Mobile World Congress in Barcelona, Spain on Feb. 27 through March 1. The mobile app is based on Visa’s payWave technology.

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency.

Samsung Electronics Co. is a semiconductor, telecommunication, digital media and digital convergence technologies company.

Mobile games
During the London 2012 Olympic Games, consumers can hold their mobile device in front of a contactless reader to make a purchase.

According to Visa and Samsung, purchases above $24 require a passcode.

The mobile payments app will also let consumers check their transaction history and view their up-to-date account balance.

Both Visa and Samsung believe that the mobile app will encourage users to begin making more purchases via their mobile device.

For the London 2012 Olympic Games, there will be more than 3,000 contactless terminals installed across the Olympic and Paralympic venues.

The terminals will showcase prepaid, contactless payments, mobile technologies and other innovations, per Visa and Samsung.

Contactless payments
Visa has been ramping up its mobile commerce strategy in past years.

Last year, Google received a worldwide license to Visa payWave, which will help both companies boost mobile payment adoption (see story).

Additionally, Visa partnered with shopkick to reward cardholders when they pay with their Visa credit card.

Users can earn redeemable points when they link their eligible Visa debit or credit card into shopkick’s Buy & Collect program. Shopkick rewards consumers for simply walking into retail stores such as Best Buy, American Eagle Outfitters and Toys R Us (see story).

Most recently, the company rolled out a suite of new mobile services that let financial institutions offer their account holders the ability to monitor account history and balances.

The mobile services also let financial intuitions offer clients the ability to transfer funds between accounts and receive real time transaction alerts on their handsets. The services will be offered through Visa DPS, the issuer processor of Visa transactions in the United States (see story).

Final Take
Rimma Kats is staff reporter on Mobile Commerce Daily, New York