Samsung makes your wedding ring a payments plaything
It has been built with a dual interface smart card chip for multiple applications and form factors. Users tap the wearable on an NFC card reader in the same way as a contactless credit card. Samsung says it provides digital cash to those that don’t have access to credit cards or bank accounts.
Jörg Suchy, associate director business development LSI, Samsung Semiconductor Europe, adds that it offers “contactless digital cash for everyone”.
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, a mechanical watch or a smart ring.
Money top up can be done in an app (Android and iOS), PC and point of sale (POS) terminals. CCP can also combine digital cash payments with loyalty points, vouchers, travel cards and ticketing,
If you need more convincing, Samsung says Swiss watchmakers Winwatch and Montfort have each developed mechanical wristwatches with an embedded CCP solution.
Unspecified wearable and accessory manufacturers are “currently preparing” other CCP-enabled products and an unnamed Swiss fintech firm will soon be rolling out dedicated CCP-enabled smartcards in several Eastern European countries.