3 of 6Image
Galaxy S3 at the contactless terminal
To make a mobile payment, the user holds the S3 smartphone close to a contactless payment terminal. Purchases costing more than £20 require a passcode.
There are about 3,000 contactless point-of-sale devices and 350 contactless vending machines around the Olympic site.
Samsung S3's near-field communication capabilities
The Samsung Galaxy S3 is one of the few smartphones that currently incorporates near-field communication, or NFC, capabilities.
Visa said in January that payWave is certified for use on NFC-enabled smartphones from Samsung, LG and RIM. Models include the Samsung Galaxy S2 and S3, LG Optimus NET NFC, BlackBerry Bold 9900 and 9790, and the BlackBerry Curve 9360 and 9380.
Market for contactless payments
The market for contactless payments using credit cards is small, even though there are about 140,000 contactless terminals in the UK. And the usage of NFC smartphones to make purchases is low as there are only a handful of phones that actually offer the technology.
But mobile operators, banks and credit card firms know that — eventually — contactless and mobile payments will be a huge market, and all are keen to grab their share, which is why there are so many trials, all designed to kick-start consumer interest.
Mobile operator O2 recently unveiled its O2 wallet service with retailers including Debenhams, Comet and Sainsbury's signing up to accept payments.
Barclaycard has demonstrated PayTag, which is effectively a miniature credit card it hopes customers will stick on the back of their mobile phones to make contactless payments. Barclays also has its Pingit application, which allows users to make payments to anyone who owns a mobile phone in the UK.
Google Wallet is another option, although it's currently US-only.