28 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Samsung makes wearable payments play

24 March 2017  |  7387 views  |  2 smasung ccp

Samsung is bidding to expand NFC payments beyond phones to a host of wearable devices by teaming up with POS manufacturer Ingenico and app developer Smartlink to launch the Contactless Companion Platform (CCP).

The platform aim to boost financial inclusion by helping to bring digital cash to everyone, including those without payment cards and bank accounts. The system lets users make digital cash payments via any enabled contactless device of their choice, such as a dedicated smart card, wristband, key fob, or mechanical watch or smart ring.



Users can top up their digital cash in app as well as on a PC and at POS terminals, while Samsung says the platform can also seamlessly combine payments with loyalty points, vouchers, travel cards and ticketing.

Swiss watchmakers Winwatch and Montfort have each developed mechanical wristwatches with an embedded CCP element for payments. Meanwhile, other wearable and accessory manufacturers are set to follow suit and a Swiss fintech company will soon roll out dedicated CCP-enabled smartcards in several Eastern European countries.
KeywordsEFTPOS

Comments: (2)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 24 March, 2017, 09:57

Does that mean they get a waiver from the card networks to deviate from the EMV specs?.. Or is that purely digital cash play? Supported by whom?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Roberto Garavaglia
Roberto Garavaglia - Innovative Payments Strategy Advisor - Milan | 27 March, 2017, 18:03

@Alex

In my understanding the Contactless Companion Platform replaces cash with closed-loop contactless payment in various form factors including wearables (see official Samsung press release); Cornercard holds the funds.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Talk to the phone: Samsung unveils Bixby

Talk to the phone: Samsung unveils Bixby

21 March 2017  |  3515 views  |  0 comments | 7 tweets | 9 linkedin
Samsung Galaxy S8 to use facial recognition for payments - Bloomberg

Samsung Galaxy S8 to use facial recognition for payments - Bloomberg

16 March 2017  |  10956 views  |  0 comments | 35 tweets | 28 linkedin
Barclaycard strikes new wearable deals for contactless jewellery and watches

Barclaycard strikes new wearable deals for contactless jewellery and watches

24 February 2017  |  10511 views  |  0 comments | 18 tweets | 16 linkedin
WaveShades and pay - the latest in contactless wearables

WaveShades and pay - the latest in contactless wearables

01 February 2017  |  8706 views  |  7 comments | 11 tweets | 9 linkedin
EZ-Link blends payments with fitness trackers

EZ-Link blends payments with fitness trackers

20 January 2017  |  6573 views  |  0 comments | 4 tweets | 3 linkedin
Visa bids to make Rio the wearable Games

Visa bids to make Rio the wearable Games

12 July 2016  |  9760 views  |  1 comments | 30 tweets | 21 linkedin
The new wearables: 'tattoo' payments

The new wearables: 'tattoo' payments

20 April 2016  |  16137 views  |  0 comments | 63 tweets | 61 linkedin

Related blogs

Create a blog about this story (membership required)
visit wavestone-advisors.co.ukvisit www.finastra.comvisit www.www.fisglobal.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9241 views comments | 19 tweets | 37 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8806 views comments | 10 tweets | 6 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7593 views 0 | 8 tweets | 7 linkedin
Asia still top dog for payments innovation but Europe gaining groundAsia still top dog for payments innovation...
7531 views comments | 10 tweets | 9 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7108 views comments | 6 tweets | 6 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job