What’s new: NXP® Semiconductors has announced that it is working with ING Bank N.V. on Project NEAR, ING’s pilot of the industry’s 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 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.
Why it matters: Peer-to-peer 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.
More details: 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.
“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,” said Thijs Janssen of ING Factory, ING’s department that innovates in co-creation with corporates. “UWB’s precision location capabilities ensure that the payment is safely transferred to the right person.
“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,” said Rafael Sotomayor, Executive Vice President and General Manager, Connectivity & Security at NXP. “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.”
“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,” says JM Choi, Corporate Vice President and Head of Connectivity R&D Group at Mobile Experience Business, Samsung Electronics. “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.”
For more information, visit nxp.com/UWB
About NXP Semiconductors
NXP Semiconductors N.V. (NASDAQ: NXPI) enables a smarter, safer and more sustainable world through innovation. As a world leader in secure connectivity solutions for embedded applications, NXP is pushing boundaries in the automotive, industrial & IoT, mobile, and communication infrastructure markets. Built on more than 60 years of combined experience and expertise, the company has approximately 31,000 employees in more than 30 countries and posted revenue of $11.06 billion in 2021. Find out more at www.nxp.com.
