No more difficult transactions, just pointing your phone at the recipient’s phone. ING and NXP Semiconductors have developed a method that makes it possible to transfer money to each other in this way.
NEAR
The new payment method is called NEAR. It is the first peer-to-peer payment application where users do not have to search for each other’s user names, e-mail addresses, or telephone numbers. That’s handy when, for example, you want to use your smartphone to buy something at the flea market or split a restaurant bill.
It works as follows: in the ING banking app, you first select the person who is near you that you want to pay. You then see the recipient including the distance in the ING app. Then you enter the amount and confirm the transaction. Both payer and recipient must have NEAR on their phone. And both phones must have Ultra-Wideband technology.
Ultra-wideband
ING and NXP are working with Samsung to make the new payment method suitable for their devices. The payment method will first be further tested in the Netherlands in an internal pilot by ING and NXP. This will take place in the third quarter of this year. After that, it will be rolled out further. Samsung devices have had the UWB technology since the introduction of the Galaxy Note 20 Ultra. The Samsung phones on which NEAR can be used are, in addition to the Galaxy Note 20 Ultra, the Galaxy S21 Ultra, and the Galaxy S22+ Ultra.
New connectivity
“UWB technology opens up a new world of connectivity. A world where our devices can all communicate seamlessly with each other in an open ecosystem,” said JM Choi, Corporate Vice President and Head of Connectivity R&D Group at Samsung Electronics. “By working closely with partners like ING and NXP, we can give even more consumers access to this innovative technology. This way, we can make people’s daily lives easier.”
Collaboration
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