Officially: Samsung Galaxy S III is the Olympics phone for Mobile payments

Today VISA and Samsung confirmed officially that they have teamed up to provide a limited edition of the Galaxy S III (the Olympic phone for Mobile Payment) with VISA's payWave app to sponsored athletes, who will be able to wave the phone and purchase stuff at thousands of locations across London, like taxis, retail stores, and even the Olympic Park itself.

The payWave app allows you to simply launch it and hold the phone near an enabled terminal, of which there are 140, 000 across the UK, without even requiring a passcode for purchases below 20 pound sterling.