Samsung looks to bring digital cash payments system to wearables

Samsung has launched this week an innovative new form of contactless payment that allows users to pay with practically any wearable device. You don’t even need to have a bank account or credit card.

Essentially a form of digital cash, the new technology is dubbed the Contactless Companion Platform (CCP). It consists of a dual interface smart chip which, when embedded into fitness trackers, smartwatches or smart jewellery, works with NFC contactless payment machines. It can also be used with travel cards and ticketing.

CCP works in a similar way to prepaid credit cards. Once a device is registered with the accompanying Android or iOS smartphone app, you can top it up with funds. Time limits can also be established, which makes it less of a problem if the wearable is lost or stolen.

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

“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’.”

Because the information is stored on the chip, the wearable doesn’t need access to the smartphone to work. In addition to the app, you are also able to top up through a PC or point-of-sale terminals.

It is still not clear yet if you can use this system on any actual wearables yet, but it seems that some are in the works.

Source: The Verge

 

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