NXP Semiconductor is actively working to make P2P payments simpler, more intuitive, and seamless through UWB-based P2P payment applications.

NXP Semiconductor announced on the 12th that it is collaborating with ING Bank (Netherlands) to run a pilot program for "NEAR," the industry's first UWB-based peer-to-peer (P2P) payment application project.

The pilot program will utilize Samsung Galaxy smartphones that support UWB, allowing consumers to send and receive money directly with others through the ING Banking app when two Galaxy smartphones are in close proximity. The new pilot program aims to make P2P payments simpler, more intuitive, and more seamless.

P2P payment is becoming increasingly common as consumers frequently shop from individual sellers through apps or transfer money to family and friends via bank accounts.

Generally, to make a P2P payment, users must search for each other's profiles using usernames, email addresses, or phone numbers.

In contrast, UWB technology simplifies this process by directly connecting two users through their smartphones.

Galaxy smartphones supporting UWB can automatically detect other users' devices, and by simply being in close proximity to each other, senders and receivers can enjoy faster, safer, and more convenient P2P payment services.

ING Bank is continuously working to provide customers with more innovative payment services, and through collaboration with NXP, has developed a solution that makes P2P payments easier for customers to use.

The pilot program is scheduled to begin field testing in the Netherlands starting from the second half of 2022. It aims for compatibility between ING's banking application and Samsung Galaxy smartphones supporting UWB, and NXP's UWB product (Trimension SR100T) is used in Samsung Galaxy smartphones.

Thijs Jansen, at ING Factory, the department at ING that innovates co-creation with companies, stated, "With this new technology, consumers can make P2P payments simply by pointing their phone in the desired direction. Since consumers no longer need to share personal information, mobile payments will be much faster and easier. UWB's precise location detection capability ensures that P2P payments are conducted accurately and securely."

Rafel Sotomayor, Senior Vice President and Head of the Connectivity & Security division at NXP, announced, "NXP's UWB (Trimension SR100T) enhances the convenience of P2P payments by enabling consumers to make direct payments through the ING Banking app. In addition to this, it creates opportunities to expand to new use cases, such as adding future PoS (Point of Sales) services using UWB to enable secure hands-free checkout experiences. As the need for convenient P2P payments continues to grow, through collaboration with ING and Samsung, we plan to support the adoption of this innovative payment method globally."

Choi Jong-moo, Executive Vice President and Head of the Connectivity Development Group in Samsung Electronics' MX Division, said, "UWB technology is creating an entirely new world of connectivity where Samsung Electronics' devices and appliances can communicate seamlessly within the same ecosystem. Through close collaboration with our partner NXP and ING Bank, we will make it possible to provide this innovative technology to many more consumers and create innovative new experiences that make people's daily lives more convenient."