Samsung Electronics in collaboration with its ecosystem partners, including POS manufacturer Ingenico and Swiss fintech company Smartlink, has rolled out a new contactless payment platform to offer digital cash to everyone.
The new solution, Contactless Companion Platform (CCP), has been designed to expand access to contactless payments beyond owners of NFC-enabled smartphones, and even to those who do not own a payment card and bank account.
CCP enables users make digital cash payments through a tiny NFC chip that can be embedded into any contactless device of their choice, such as a dedicated smart card, wristband, key fob, or mechanical watch or smart ring.
Samsung’s new digital cash top up concept provides the user simple and easy solutions to allocate money and additional security parameters such validity and location for the device of choice.
Digital cash up can be loaded in app (Android and iOS), PC and POS terminals. The platform can also integrate payments with loyalty points, vouchers, travel cards and ticketing.
Samsung Semiconductor Europe associate director business development LSI Jorg Suchy said: “The Contactless Companion Platform exemplifies the coming together of Samsung’s strong engagement with the security industry and its commitment to enhancing the quality of day-to-day life through innovative technology concepts.
“Current contactless payment solutions aren’t considered a serious alternative to cash in many scenarios. CCP however takes the industry well beyond the many boundaries of what exists today.
Smartlink head of business development Sebastian Piolat said: “Our mobile payment solutions target cardholders, and CCP targets cash users by offering a digital alternative to cash. Rather than issuing prepaid cards for the wearables, CCP gives direct access to the funds.”
Winwatch and Montfort, both Swiss watchmakers have separately developed mechanical wristwatches with an embedded CCP element for payments. Both these devices were recently launched at MWC.