Visa readies wearable payment device for Olympics

The payments firm wants to launch the device before next year's sporting events.

Payments giant Visa intends to launch a wearable device to allow event goers at the Rio Olympic Games to pay for goods.

Marketing vice president at Visa Martha Krawczyk told Brazilian news portal MobileTime during a wearables event in São Paulo that the device would be used for payments inside and outside the Olympic venues.

The executive added that the device would be launched before the Olympics but did not specify the exact timescales or who will be the partners involved in the development of the product.

Earlier this year, Visa announced it would open an innovation center in Brazil. The facility would serve as a space to prototype offerings in payment technology, as well as an environment to get clients and partners to interact with Visa subject-matter experts.

Last month, the payments giant launched its online payments service Visa Checkout in Brazil, with specific focus on partnerships with large local retailers.