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ING Bank Brings Conctactless Payments to Market

ING bank is on its way to become the first bank to bring contactless payments services to the Netherlands as it unveils its plan to launch the payments app in summer. Customers owning an Android device with 4.4 KitKat or higher can use the services, provided it is NFC-compatible. The payments app is currently in its final phase where the app is being tested by the firm’s employees. The application is expected to be launched country-wide this summer. However, the date of launch has not been decided yet. Customers who use the bank’s mobile banking app will be able to login to the new contactless payment app by entering the same PIN created earlier. In addition, purchases of under EUR 25 will not require a PIN. There are more than 80,000 contactless POS terminals in the Netherlands where the app can work initially. The bank already has more than 6.5 million cards equipped with the necessary technology to support contactless payments. ING Bank is also the first bank in the Netherlands to include host card emulation services. The system does not store a user’s card details on the secure element but rather stores it in the phone memory. A token infrastructure has been built for additional security.

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