ING and NXP Semiconductors have developed a payment method that involves pointing your mobile phone in the direction of the person you’re paying. The method is called NEAR and was developed by ING Factory, ING’s workshop for technological customer and payment innovations. ING and NXP are collaborating with Samsung to ensure that the payment method is compatible with their devices. This first peer-to-peer payment application involves making a payment by holding a phone close to another phone. It means that users no longer need to search for each other’s username, email address or telephone number if, for example, they want to buy something at a jumble sale, put some money in a collection box or split a restaurant bill.
The new payment method uses NXP’s ultra-wideband (UWB) technology and can be used with the newer generation of Samsung phones. This innovation will first undergo enhanced testing in an internal ING and NXP pilot in the Netherlands in the second half of this year. Parties will then consider the next steps to actively involve customers in future development.
It works like this: using the ING banking app, select the person close by who you want to pay. You’ll then see the recipient and their distance from you in the ING app. Enter the amount and confirm the transaction. The recipient will see the amount in their list of transactions. The payer and the recipient must have NEAR on their phones and both phones must have access to UWB technology. The payment solution is perfect for ad-hoc transactions, such as purchases between private individuals, paying towards a round of drinks or donating money.
“This new technology allows you to settle peer-to-peer payments with people you know as well as with strangers simply by holding your phone close to theirs. The users no longer have to exchange their personal details, which makes payments even faster and easier”, said Thijs Janssen of ING Factory, where customised technological payment innovations are developed in co-creation with business customers. “The UWB technology ensures that the payment goes to the correct person securely.”
“The pilot uses NXP’s Trimension SR100T ultra-wideband chips along with UWB-enabled Samsung smartphones, so that consumers are able to make direct payments via the ING banking app” said Steve Owen, Executive Vice President at NXP. “Because there’s a growing need for convenient peer-to-peer payments, we’re innovating with ING and Samsung to make this new payment method suitable for global application.”
Samsung has given ING and NXP access to their devices to enable the payment system. Samsung devices have had the UWB technology since the launch of the Galaxy Note 20 Ultra. In addition to this model, other Samsung phones that use NEAR are the Galaxy S21 Ultra and the Galaxy S22+ Ultra.
"UWB technology opens up a whole new world of connectivity - a world in which our devices can generally communicate seamlessly in an open ecosystem", said JM Choi, Corporate Vice President and Head of Connectivity R&D Group at Mobile Experience Business, Samsung Electronics. "By working closely with partners such as ING and NXP, we can give even more consumers access to this ground-breaking technology, creating innovative new experiences that make people’s day-to-day lives easier.”