NXP Semiconductors (NASDAQ: NXPI) announced that it is working cooperatively with ING Bank N.V. on Project NEAR, which is ING’s pilot of the industry’s “first” UWB-based peer-to-peer payment app.
The pilot program will “leverage UWB-enabled Samsung Galaxy smartphones1 to allow consumers to directly share money with peers through the ING banking application 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 seamless.”
1 Compatible UWB-enabled devices “include the Samsung Galaxy S22 Ultra, Galaxy S22+, Galaxy S21 Ultra, Galaxy S21+, Galaxy Note 20 Ultra, Galaxy Z Fold2 and Z Fold3.”
P2P payments have become increasingly common, “with consumers frequently using these applications to share expenses, shop from private vendors, or simply send money to family or friends through a linked bank account or card.” Typically, this requires users “to search for 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 within range and how close they are.” The sender simply needs “to be within close range of the recipient, making money transfers faster, more secure and hassle-free.”
ING is continuously “working on innovative payment services for its clients.”
It has developed a solution in collaboration with NXP “to make peer-to-peer payments easily accessible for its clients.” The pilot program will be “based in the Netherlands and will begin field testing in H2 2022.” It aims to make the ING banking application compatible “with UWB-enabled Samsung Galaxy smartphones. NXP’s Trimension SR100T provides the ultra-wideband capabilities.”
Thijs Janssen of ING Factory, ING’s department that innovates in co-creation with corporates, said:
“With this new technology, you can make a peer-to-peer payment by directing your phone towards another. Consumers no longer need to share personal details, which makes mobile payments even more swift and easy. UWB’s precision location capabilities ensure that the payment is safely transferred to the right person.”
Rafael Sotomayor, Executive Vice President and General Manager, Connectivity & Security at NXP, said:
“By using NXP’s Trimension SR100T UWB chips to enable consumers to pay directly through the ING banking app, we’re enabling all the convenience of peer-to-peer payments, while also creating the opportunity to expand to new use cases in the future, such as adding UWB to point of sales to enable a secure, hands-free checkout experience. As the need for convenient peer-to-peer payments continues to grow, our collaboration with ING and Samsung helps to make this innovative payment method suitable for worldwide adoption.”
JM Choi, Corporate Vice President and Head of Connectivity R&D Group at Mobile Experience Business, Samsung Electronics, said:
“UWB technology is opening up a whole new world of connectivity, one where our devices and appliances can all communicate seamlessly with each other in an open ecosystem. By working closely with partners like NXP and ING, we’re able to put this game-changing technology into the hands of even more consumers, creating innovative new experiences that make people’s everyday lives easier.”