Samsung in partnership with Smartlink and Ingenico are taking aim at the contactless payment market with a solution to cash in stores and just about anywhere else where cash is used. Obviously, the trouble with cash is that if you lose it or it is stolen, it is gone forever and you could be left high and dry in the middle of night, with no money. But this system is being marketed as digital cash for everyone and that could mean a lot of different things to a lot of different people. The problem is that many people are worried about keeping all of their details in their smartphone, just in case they lose it or it is stolen! Yet, most of us carry a phone more than anything else, we use it all of the time and are more likely to be extra careful with it, so perhaps digital cash for everyone is not such as crazy idea after all!
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
It is early days for this system and only time will tell if it will be embraced by retailers and consumers or just treated as another method of payment along with cash and cards. The smartphone does have the ability to become more than just a phone and social media device, but do we have that much faith in our devices?
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