Soon you’ll be able to transfer money just by pointing your phone at someone

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A major Dutch bank is looking to introduce an innovative new way to make payments or transfer money to friends and family; ING has announced that it is working on launching a new contactless payment method that works by pointing your mobile phone at someone else’s smartphone.

Dutch bank tests new NEAR technology for application

In collaboration with Samsung and NXP Semiconductors – a technology company based in Eindhoven – ING is working on the development of a so-called peer-to-peer payment method, called NEAR, which allows its customers to make a payment simply by pointing their smartphone to the person to whom they wish to transfer funds.

Much like Apple’s AirDrop technology, NEAR works by recognizing other nearby smartphones that have also downloaded the ING app. The user only has to select the beneficiary from the list and voila! The money will be sent directly to their bank account.

“With this new technology, you can make peer-to-peer payment to acquaintances as well as strangers simply by holding your phone close to each other,” says Thijs Janssen of ING Factory. “Users no longer need to exchange their personal data, making mutual payment even faster and easier, where personalized payment technology innovations are developed in co-creation with business customers.”

Picture via ING.

The future of online banking in the Netherlands?

The Dutch press has already compared NEAR to the extremely popular payment platform Tikkie, but ING points out that, unlike its predecessors, NEAR is much faster and easier to use, and much more versatile.

“Users no longer need to search for each other’s username, email or phone number when they want to buy something from a marketplace, donate at a drop-off point or share a restaurant bill with friends,” the bank explains on its website. .

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