The New Samsung Digital Cash Platform

Samsung Digital Cash
Just when you thought there were no more “gadgets” in the pipeline to do the mobile payment thing………..well, Samsung came up with one.  A Contactless Companion Platform, or CCP for short. Its pretty cool too. It can be in a wristband, jewelry and the like. The CCP can move contactless payments away from smartphones which also means even people without bank accounts can ‘play’. Problem; before it really takes off the infrastructure needs to be established. Kind of like getting a super hot toy you wanted BUT didn’t get the batteries to make it work. But hey, Samsung is thinking BIG.

(Bill Taylor/CEO)

Nearly everybody has heard about Samsung Pay – tech giant’s mobile wallet, which is an alternative to Apple Pay and Android Pay. However, just recently Samsung has announced to be launching another payments product, Contactless Companion Platform (CCP).

The underlying idea of CCP is to expand the access to contactless payments beyond of NFC-powered smartphones – even to people who do not have a bank account. In a partnership with Swiss FinTech company Smartlink and payments technology provider Ingenico, Samsung is going to embed tiny NFC chips into various devices and thus make them your contactless wallet.

The underlying idea of CCP is to expand the access to contactless payments beyond of NFC-powered smartphones – even to people who do not have a bank account.
Potential payment devices could be anything from a payment card to a rubber wristband, a keyfob or a piece of jewelry. One must stress that such a development is not entirely new. For instance, during the Olympic Games 2016 in RIO, VISA launched an NFC-enabled payment ring for Team Visa sponsored athletes. With the VISA ring, athletes were able to make various purchases in the Olympic Village…”

Read Full Post by Linas Beliunas at LinkedIn Pulse