NFC TIMES Exclusive Insight – Samsung Semiconductor believes there is room for yet another closed-loop payments service, one that enables consumers to pay with contactless wearables devices that carry its dual-interface chips.
The concept is to allow users to load money into prepaid accounts via their smartphones and spend the value from such devices as bracelets, watches and rings, while being able to use proprietary tokens to set restrictions, such as the total amount of spend, time the value is valid or other parameters.
Samsung’s “Contactless Companion Platform,” announced recently in Barcelona with such partners as Swiss app and wallet developer Smartlink, however, faces a number of challenges, and chief among them is how the program will recruit enough merchants to accept the payments service to make it appealing to users. That’s something Samsung and other project backers appear to have few answers for yet.