Samsung launches Next-Generation Payment Technology

samsung contactless companion platform

Ever wondered if you can pay money with your devices other than smart phones & watches?

Samsung just launched the next-generation of payment technology called Contactless Companion Platform (CCP), a digital payments platform that allows users to pay via CCP enabled devices such as payment cards, wristbands, keyfobs, mechanical watches and even jewelry.

CCP was built in partnership with Swiss fintech company Smartlink and POS & payment tech provider Ingenico, and aims to provide payment capabilities of NFC-enabled smartphones & smartwatches to other devices, even to people who don’t have bank accounts.

With CCP, you can add payment capability to any device simply by embedding a CCP chip into it. The chip is controlled by a smartphone app, which can be linked to bank accounts & credit cards. You can top up the balance via the app, website or POS systems. You can also top up your device using cash. The user would take the CCP device to a shop and provide the cash to the shop owner be loaded onto it, even if you don’t have a bank account.

Swiss watchmakers Winwatch and Montfort, have developed traditional wristwatches embedded with CCP, and will be incorporating these chips into their other watches. This will make them payment-enabled much like the Apple Watch.

“The beauty of the CCP is that wearable manufacturers don’t have to significantly change the design of their devices to incorporate the technology — it’s a case of inserting the tiny chip to enable the device for payment,” says Samsung’s NFC director Jörg Suchy.

The CCP chip also allows you to deactivate the payment via the app, or set a time limit after which the unused money is sent back from your device back to your CCP account.

Samsung said that it will be trialing CCP in Easter EU this April, and expand based on user response.