2018 Olympics: Payment-Embedded Merchandise
Multinational corporation Visa has created a range of gloves, stickers and commemorative pins embedded with payment technology to enable fast, contactless transactions at the 2018 Winter Olympics in Pyeongchang, South Korea.
At the event, Visa is showcasing the future trajectory of monetary exchange, whereby users pay for goods and services via embedded tech, leaving their credit or debit card at home. This is made possible through the continued development of near-field communication (NFC) chips, which enable any object to process payments when within a four-inch radius of a receiver.
Visa has released three different payment-embedded items suited to the conditions and culture of the Olympic Games. The commemorative pins are inspired by the custom of both spectators and athletes collecting pins as souvenirs of the event, while the stickers serve as flexible micro tags that can be attached to any surface for easy use. The gloves allow users to pay for transactions while keeping their hands warm in Pyeongchang’s cold climate.
Each device purchased is pre-loaded with a monetary value that the user wishes to spend, avoiding the need for the merchandise to be connected to their bank account. During the event, Visa’s merchandise is available to purchase from on-site stores as well as from vending machines located across the Olympic grounds.
Read NRF 2018: Tech-Driven Retail for examples of how emerging tech is shaking up the retail environment and creating seamless check-out experiences. For more on how digital innovations in packaging are transforming products into services, see Digital Packaging Futures.