Handset manufacturer Samsung is teaming with Visa Inc. on a new limited edition device for this year's London 2012 Olympic Games. The new phone is NFC-ready and enabled with Visa's mobile payment application, Visa payWave.

All Samsung- and Visa-sponsored athletes at the London games will receive one of the devices so they can make mobile payments throughout London. Samsung said there will be more than 140,000 contactless terminals in use throughout the city where athletes can pay with their phones.

"Mobile payment services enabled by NFC technology are gaining momentum around the world," said DJ Lee, EVP and head of sales and marketing for Samsung's mobile communications business. Lee said the new phone is the ideal device to showcase the ease and convenience of Visa's mobile payment application at the London 2012 Olympic Games.

Bill Gajda, Visa's global head of mobile products, said the company will be demonstrating the future of payments in London, "a future where most consumers will rely on mobile devices, tablets and PCs to manage their daily financial lives."

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