NXP Semiconductors N.V. announced a partnership with ING Bank N.V. on Project NEAR, ING’s industry-first UWB-based peer-to-peer payment application pilot. The pilot program will use Samsung Galaxy smartphones that support UWB technology, allowing consumers to transact directly with their companions through the ING Bank app when two Galaxy smartphones are brought close to each other. The new pilot program is designed to make peer-to-peer payments simpler, more intuitive, and improve the seamless experience.
Project importance
Peer-to-peer payments have become increasingly common, as consumers often use these apps to split fees, shop from individual merchants, or simply send money to family or friends through linked bank accounts or cards. Typically, users need to search for each other's profiles by username, email address, or phone number. But UWB technology allows users to connect to each other directly through smartphones, and the process is simple. Within range, compatible Galaxy smartphones can automatically detect other users and their distance from each other. Sending money is easier, faster, and more secure simply by staying within range of the recipient.
More details
ING is committed to providing customers with innovative payment services. Customers can easily use peer-to-peer payment services through a solution developed by the company in partnership with NXP. A pilot project is planned for field testing in the Netherlands in the second half of 2022. The project goal is to make the ING Bank application compatible with UWB-enabled Samsung Galaxy smartphones. NXP's Trimension SR100T provides it with ultra-wideband capabilities.
Thijs Janssen from the ING factory, where ING co-innovates with the company, said: "With this new technology, peer-to-peer payments can be made simply by bringing the phone close to another phone. Consumers no longer need to share personal details, Mobile payments are more convenient. UWB pinpointing ensures that money is securely routed to the right recipient.”
Rafael Sotomayor, executive vice president and general manager of the Connectivity and Security business unit at NXP, said: "By using the NXP Trimension SR100T UWB chip, consumers can pay directly through the ING Bank app, not only achieving the convenience of peer-to-peer payments, but also It also creates opportunities to expand into more new use cases in the future, such as using UWB technology at the point of sale for a hands-free secure checkout experience. As the demand for convenient peer-to-peer payments continues to grow, our partnership with ING and Samsung It will help make this innovative payment method available globally."
JM Choi, Vice President and Head of Connectivity R&D, Electronic Mobile Experience Division, Samsung said: "UWB technology is opening up a whole new world of connectivity, enabling our devices and appliances to communicate seamlessly with each other in an open ecosystem. Working closely with partners such as Urawa ING, we can bring this disruptive technology to more consumers, bring them more innovative experiences, and make people’s daily lives easier.”
