Samsung recently announced a new mode of digital cash service called Contactless Companion Platform (CCP) in a partnership with Smartlink and Ingenico. Samsung contributes to the partnership with its dual interface smart card chip. This smart chip enables seamless contactless payment method keeping security as the top most priority as claimed by Samsung. The Smart Chip’s versatility helps it in being implemented in multiple applications and form factors. Samsung had demoed CCP just a month ago at Mobile World Congress, 2017.
Unlike Samsung Pay which limits the payment process either with a Samsung Pay compatible phone or wearable, Contactless Companion Platform could have a larger end consumers group using the platform as the digital wallet is accessed only to top-up cash from a smartphone and then payments can be done via any CCP enabled device, which could be a dedicated smart card, wristband, key fob, or even a mechanical watch or a smart ring.
The money top up can also be done on PC and POS terminals apart from, Android and iOS smartphones. The CCP service can also integrate digital cash payments with loyalty points, vouchers, travel cards, ticketing, etc to make it easier for consumers to access service of their choice.
Swiss watchmakers Winwatch and Montfort have started to embedContactless Companion Platform chips in their mechanical wristwatches and have already developed a wristwatch each which were also a part of the unveiling at MWC. Samsung claims that more CCP-enabled wearables and accessories are in the process of hitting the market soon and a Swiss Fintech company is all set to immediately roll-out dedicated CCP-enabled smart cards in several Eastern European countries.
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