ING is piloting a peer-to-peer payments app that uses ultra-wideband (UWB) technology to let users transfer money by simply pointing one handset at another.
The Dutch bank is working with Samsung and NXP Semiconductors on the 'Near' app pilot, an industry first for UWB, a new technology based on radio waves that that can precisely lock onto an object, discover its location and communicate with it.
Users open the ING app, point their phone to the individual to whom they wish to transfer money, and confirm the transaction. There is no need to enter another person’s email address, phone number or IBAN when making a payment.
Both the payer and recipient must have the ING and Near apps on their phone, which for the pilot will need to be a UWB-enabled Samsung Galaxy.
Thijs Janssen, ING Factory, says: "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."