NXP Semiconductors has announced that it is working with ING Bank NV on Project NEAR, ING’s pilot of the first UWB-based peer-to-peer payment application.
The pilot program will leverage UWB-enabled Samsung Galaxy smartphones to allow consumers to directly share money with their peers via the ING banking app when two Galaxy smartphones are in close proximity to each other. The new pilot program aims to make peer-to-peer payments simpler, more intuitive and more transparent.
Compatible UWB enabled devices include Samsung Galaxy S22 Ultra, Galaxy S22+, Galaxy S21 Ultra, Galaxy S21+, Galaxy Note 20 Ultra, Galaxy Z Fold2 and Z Fold3.
Peer-to-peer payments have become increasingly common, with consumers frequently using these apps to share expenses, make purchases from private providers, or simply send money to family or friends through a bank account or card related. Typically, this forces users to search each other’s profiles, using usernames, email addresses, or phone numbers. But UWB technology streamlines this process by directly connecting two users through their smartphones. Compatible Galaxy smartphones will be able to automatically detect when another user’s device is in range and how far away they are. The sender just needs to be near the receiver, making money transfers faster, safer and hassle-free.
ING is constantly working on innovative payment services for its customers. It has developed a solution in collaboration with NXP to make peer-to-peer payments easily accessible to its customers. The pilot program will be based in the Netherlands and will begin field testing in the second half of 2022. It aims to make the ING banking app compatible with UWB-enabled Samsung Galaxy smartphones. NXP’s Trimension SR100T delivers ultra-wideband capabilityilities.