Samsung makes wearable payments play

Samsung makes wearable payments play

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.

Comments: (2)

A Finextra member
A Finextra member 24 March, 2017, 09:57Be the first to give this comment the thumbs up 0 likes

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?

Roberto Garavaglia
Roberto Garavaglia - Innovative Payments Strategy Advisor - Milan 27 March, 2017, 18:03Be the first to give this comment the thumbs up 0 likes

@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.

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