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Leadership / Digital Transformation

Samsung looks to disrupt with contactless payments for any wearable

Today, Samsung has launched a new form of contactless payment that will allow users to pay using any wearable tech they might possess.

The new technology, which Samsung is calling the Contactless Companion Platform (CCP), can be used to carry out contactless transactions via any number of wearables up to and including, watches, key fobs, and even smart jewellery.

Developed alongside Smartlink and Ingencio, CCP will treat smart devices in a similar way to prepaid credit cards, onto which users can load a specific amount of money. Time limits can also be established, so after a certain time the account becomes unreachable.

Jörg Suchy, associate director business development LSI, Samsung Semiconductor Europe, 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.”

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“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. Key to its success is the inclusion of all levels of society – the rich and the poor — alongside the guarantee of simple, secure, direct transactions, with plenty of top-up channels within a simple-to-use unified solution that truly delivers ‘contactless digital cash for everyone’.”

The technology could prove extremely useful for consumers who can’t trust themselves to stick to a budget, or for parents who wish to give their children a limit on the amount that they can spend.

This latest step on the path towards a ‘cashless society’ can also be used to assist with a loyalty points-style currency, travel cards, and ticketing, in tandem with monetary transactions.

Sebastian Piolat, head of business development, Smartlink, 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.”

“To summarise, we create a new use case for our existing mobile transaction platform to address a different market segment previously unreachable for existing digital cash solutions.”

The service is available today but it’s not yet known which devices are compatible. Samsung stated that money top up can be done in app, Android and iOS, PC and point-of-sale terminals.
This article is from the CBROnline archive: some formatting and images may not be present.