Innovation by NXP and ING – money transfer by pointing your phone!

Money transfer, Samsung, Eindhoven, Bank ING
Photo credit: Pixabay

Eindhoven-based chip designing and manufacturing company NXP has taken contactless payment to a new level. Along with Bank ING, they have created technology that allows you to transfer money by pointing your smartphone at someone standing next to you. According to NXP and ING, this will potentially be the norm in a few years.

The idea is that you’re able to transfer money to a person within close distance. In the first step, you select to whom you wish to transfer money. The recipient then receives a confirmation request and if he/she accepts, the payment is settled.

“I can give you 25 euros, for example, and say: go and get some beer,” explains Thijs Janssen, of the ING Factory development department. This method eliminates the need to get someone’s username, email, or phone number first.

Latest Samsung devices

Steve Owen of NXP, is enthusiastic about the possibilities associated with this method. He explains that the technology used by NXP was actually intended for use in car keys. Now that the associated chip can also be used for payments, there seem to be great opportunities.

However, it will probably take some time before we can all do this. The new payment method is only possible on the latest Samsung phones. Anyone who has an iPhone will not be able to do this, because Apple will first have to give permission for the use of its technology.

Available to the public three years from now

The next step is for the general public to find the application interesting. The plan now is to test NEAR, the name of this new payment method, first within a small group of people b the end of this year. According to Janssen, this technology should be ready for public use within the coming three years.

 

Source: Omroep Brabant

For Eindhoven News: Lila Mehrez

Edited by: Beena Arunraj

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