Tech And Money At The Olympics

The Olympics are a great place for technological innovations to gain international recognition. Most of the tech innovations are usually designed to improve the athlete’s performance. Such innovations include data analysing gadgets and wearables which improve efficiency. However, there are several other technologies that are also used during the games. These do not get to be in the limelight as those that are directly related to the sport. Without this background tech, the athletes and the viewers experience would not be as good. One such innovation is the use Near Field Communications (NFC) technologies to conduct transactions.

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Near Field Communications Technologies were used by Visa and the Bradesco Bank of Brazil to aid journalists, artists and even athletes to make purchases. Over 3,000 people used this technology to complete transactions at the Olympic venues.

The people using the Near Field Communications technology were able to transact using wearables. These wearables were in the form of waterproof bracelets and rings. The bracelets were mainly issued by the Brazilian bank Bradesco while the rings were only worn by Visa sponsored athletes. This group comprised of only 45 athletes. The ring’s design is based on the McLear & Co schematics. They function through the use of the Gemalto microchip which carries the data and is capable of communicating with the purchase points. There were more than 4,000 payment terminals inside the Olympic venues.

This Tech proved to be a very convenient and efficient way of conducting transactions. We hope that soon it will be available ordinary people all over the world. They will need to modify the chips to allow people to transact online. Since some transactions like depositing real money into online casinos such as Casino La Riviera and other popular online casinos can only be done online. Regardless of this small weakness, this kind of innovation is the way into the future.

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