Visa announced that during the London 2012 Olympic and Paralympic Games, it will showcase the latest payments innovations designed to transform the way people pay and manage their money.

The company will showcase payments via mobile phone and chip-enabled payment cards, which enable faster, more convenient and secure transactions at thousands of retail locations throughout London and Olympic venues.

A limited edition of the Samsung GALAXY S III will be provided to Visa sponsored athletes and trialists, featuring an Olympic-branded version of Visa’s mobile payment application, Visa payWave.

In addition, contactless cards will enable visitors to the London 2012 Games to make “wave and pay” purchases at thousands of retailers; no PIN or pass code required. By Games time, more than 140,000 payment terminals throughout the U.K. will accept Visa payWave-enabled cards and phones, including 5,000 London taxis and 3,000 point of sale locations at Olympic Games venues.

During the London 2012 Games, Visa will also showcase its newest product – Visa Mobile Prepaid. By accessing their Visa Mobile Prepaid account on their mobile phone, consumers can send and receive international remittances, pay bills, top-up wireless minutes, and access Visa ATMs.