Samsung has announced a technology and platform that is designed to make contactless payments accessible to all. That includes people who don't or can't have a bank account or credit card.
The Samsung Contactless Companion Platform (CCP) comes from the semiconductor arm of Samsung Electronics and consists of a dual interface smart chip which, along with a software solution in the form of an iOS and Android app, works with NFC contactless payment machines. It can be embedded into many different wearables or devices, including smartwatches, wristbands and even a ring.
A device is registered with the app, which can be topped up with funds rather than draw from a credit or debit card. This means it will have a small set limit on how much can be paid for a purchase, so won't be too catastrophic if lost - much like cash.
The wearable will work independently to the app as the information is stored on its chip rather than the smartphone, and can therefore be used without having to have the phone on you. You simply transfer the balance to the wearable via NFC and away you go. You will also be able to top up cash amounts through a PC or point-of-sale terminals.
This means that those without bank accounts can also pay for items using contactless as they can add digital cash to their wristband, whathaveyou, as a special top-up point.
Swiss watchmakers Winwatch and Monfort have both partnered with CCP so far, adding the chip into analogue, mechanical wristwatches.