Dutch bank creates new phone-to-phone payments method

ING has developed a payment method that allows consumers to make payments by holding a mobile device close to another phone.

The method is called NEAR and was developed by ING Factory, ING’s workshop for technological customer and payment innovations.

The Dutch bank, which has worked with NXP Semiconductors on the technology, said that the new payment method means users no longer need to search for each others’ usernames, email addresses, or telephone numbers when splitting a bill, buying something at a jumble sale, or putting money into a collection box.

ING and NXP are also collaborating with Samsung to make sure the payment process is compatible with its devices.

“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,” said Thijs Janssen of ING Factory. “The users no longer have to exchange their personal details, which makes payments even faster and easier.”

Janssen added: “The UWB technology ensures that the payment goes to the correct person securely.”

The new method uses NXP’s ultra-wideband (UWB) tech and can now be used with the newer generation of Samsung phones.

ING has plans for enhanced testing of the technology in an internal ING and NXP pilot in the Netherlands in the second half of the years.

It said that both parties will then consider next steps for rolling out to customers.

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