Samsung, token service provider Carta Worldwide, POS manufacturer Ingenico and Swiss app developer Smartlink will roll out the Contactless Companion Platform (CCP) – a digital cash service allowing consumers to load money onto a range of wearable items. These wearables will be able to make contactless payments in retail outless across 9 countries in North America, Europe and Africa starting April 2017. Samsung expects “exponential growth” of the service once the pilot launch is completed in September 2017.
“CCP bring contactless digital cash to everyone rich or poor,” says Thomas Arenz, Director at Samsung Semiconductor Europe. “With CCP in place, you can make contactless payments via any enabled device of your choice, whether it’s a dedicated smart card, wristband, key fob, or even your watch or a smart ring.”
“It offers full control of payment by validity, location, time or day, and other parameters you decide on during the remote top-up of a secure token with the sleek companion app on your smartphone.”
“It has the ability to seamlessly combine payments with loyalty points, vouchers, travel cards, ticketing and more.”
Among the benefits of CCP cited by Samsung are:
- • It is a tokenized service, making it as secure as existing mobile payments services such as Samsung Pay;
- • It allows governments to improve social welfare programmes by giving those poorer in society the ability to top up at local welfare centres, but with set shopping parameters “to encourage the right kind of spending”;
- • It gives parents the ability to safely transfer money to their children and ensure they can only spend it on what the parents deem appropriate, such as their lunch;
- • A web-based or smartphone app interface, available for iOS and Android, to manage the service and deactivate the chip inside the wearable item if it is lost.
Brian Semkiw, Chief Executive Officer at Carta Worldwide
“We are thrilled to be part of the CCP project as it brings together a powerful combination of security, control and utility consumers, particularly for scenarios where speed and simplicity are critical. Adding CCP to our solution offering allows us to extend our next-generation transaction platform to solve a variety of unique challenges for our clients – creating a strong business case for providers seeking to reimagine the way their consumers interact with payment, authentication and identity.”