The Colored Coins protocol is SPV friendly in the sense that most wallet providers will not have much difficulty implementing it. Wallets like Electron Cash already have most infrastructure in place. The CashPay wallet will enable colored coins to allow users to issue and store colored coins, but Colored Coins can also be used with a web wallet. Colored Coins are very easy to integrate into existing wallets and we expect that other wallets will start to support Bitcoin Cash tokens in the near future. More information on how to implement colored coins can be found here:

https://github.com/Colored-Coins/Colored-Coins-Protocol-Specification/wiki/Benefits#support-for-thin-wallets