Samsung Electronics, a world leader in advanced semiconductor technology, today announced the launch of the “Contactless Companion Platform (CCP)” together with its ecosystem partners, Smartlink and Ingenico, built with its industry leading dual interface smart card chip for multiple applications and form factors.
As the smart card chip provider, Samsung introduces a disruptive contactless concept with both partners that combines existing contactless services and aligns the needs of users, industries and governments with regards to an inclusive payment solution under the motto of “Digital Cash for Everyone”. Previewed at Mobile World Congress earlier this month, the CCP partners focus on the migration of cash into digital cash with the full financial inclusion of audiences that currently have no access to payment cards.
With CCP in place, a user can make digital cash payments via any enabled contactless device of their choice, such as a dedicated smart card, wristband, key fob, or even a mechanical watch or a smart ring.
The unique CCP digital cash top up concept offers the user simple and easy solutions to allocate money and additional security parameters like validity and location for the device of choice. Money top up can be done in app (Android and iOS), PC and POS terminals.
CCP can also seamlessly combine digital cash payments with loyalty points, vouchers, travel cards, ticketing, and more, allowing users to pool a variety of contactless services in a few inconspicuous devices of their choice.
“The Contactless Companion Platform exemplifies the coming together of Samsung’s strong engagement with the security industry and its commitment to enhancing the quality of day-to-day life through innovative technology concepts,” said Jörg Suchy, associate director business development LSI, Samsung Semiconductor Europe. “Current contactless payment solutions aren’t considered a serious alternative to cash in many scenarios. CCP however takes the industry well beyond the many boundaries of what exists today. Key to its success is the inclusion of all levels of society – the rich and the poor – alongside the guarantee of simple, secure, direct transactions, with plenty of top-up channels within a simple-to-use unified solution that truly delivers ‘Contactless Digital Cash for Everyone’.
“Our mobile payment solutions target cardholders, and CCP targets cash users by offering a digital alternative to cash. Rather than issuing prepaid cards for the wearables, CCP gives direct access to the funds. To summarize, we create a new use case for our existing mobile transaction platform to address a different market segment previously unreachable for existing digital cash solutions.” said Sebastian Piolat, head of business development, Smartlink.
“Innovation is Ingenico’s DNA and enabling all cashless payments on our terminals is part of our strategy. Providing alternative payment acceptance to small merchants and retailers is essential as wallets gain traction. The Contactless Companion Platform, which replaces cash with closed-loop contactless payment in various form factors including wearables, complements the payment methods already interfacing with our terminals. This demo using our Move/5000 terminal to host the CCP’s HTML5 app illustrates the diversity of consumer experiences offered by this latest generation Telium Tetra POS. Recent studies show that mobile devices, including wearables, represent a key focus of retailers’ IT investments. This bodes well for the CCP.” said Frédéric Lepeintre, VP Marketing & Sales Support, Ingenico Group.
Swiss watchmakers Winwatch and Montfort have each developed mechanical wristwatches with an embedded CCP solution, successfully blending technical innovation and traditional Swiss watchmaking to create masterpieces in seamless user experience. Both these devices were recently unveiled at MWC. Other wearable and accessory manufacturers are currently preparing other CCP-enabled products and a Swiss Fintech company will be imminently rolling-out dedicated CCP-enabled smartcards in several Eastern European countries.