Full coverage: 2016 Rio Olympics

As the world's biggest sport event, the Olympics is also a platform for some of the newest technological innovations.

At the Rio 2016 Olympics, American financial services company Visa and Brazilian bank Bradesco tested out wearable devices that use NFC technology for payment processes.

Around 3,000 people including athletes, artists and journalists used a rubber waterproof bracelet at more than 4,000 payment terminals to pay for various goods and services.

Visa has also sponsored 45 Olympic athletes to use its NFC ring. The ring is also equipped with an NFC-enabled antenna, allowing for contact-less payment capabilities.

Olympics' official time-keeper Omega introduced a photofinish technology to this year's games.

The images of the athletes are captured as soon as they cross the finish line and the new camera- Scan "O" Vision MYRIA is able to capture better quality images than the traditional ones, with around 10,000 digital photos in a vertical line per second.

Omega also brought up a unique solution for counting the laps of swimmers in pool. The sensor based technology removed the hustle of counting individual swimmers’ and showed real-time status on the board.

Virtual Reality is also adopted in the Rio Olympics.

NBC Universal and BBC hold the broadcast right in the US and the UK, respectively, and both are delivering shows with VR capabilities for their viewers.

VR footage is also being filmed in different venues on a daily basis in Rio, including the opening and closing ceremonies.