Fingerprint identification and authentication solution developer IDEX Biometrics has teamed up with Union Smart Card to deploy its services in China.
The deal will see its fingerprint authentication technology used to secure Union’s Wallet Visual Payment Card, which was created by six major banks in China.
Union Smart leverages cold sealing card manufacturing technology to create a payment card that supports Bluetooth and NFC connectivity, as well as boasting expanded storage, a display and a keypad. These capabilities make it possible to complete payments with a digital currency.
China hopes to become a major player in the digital currency space, with plans to release the digital yuan in 2022, in time for the Beijing Winter Olympics.
Union Smart CEO Jiang Kai said, “The central bank intends to provide inclusive, easy-to-use, digital central bank currency for all people, and this product will be particularly effective in serving the needs of those in rural areas and underserved groups. Our new Cold Wallet Visual Payment Card is the most complete and easy-to-use cold wallet solution available.”
IDEX Biometrics CEO Vince Graziani said, “IDEX Biometrics’ authentication solutions are the natural choice for card-based digital currency applications. We are pleased to be partnered with Union Smart in the development of this device, which should expand secure and convenient access to the DC/EP initiative across China.”
Copyright © 2021 FinTech Global
Copyright © 2018 RegTech Analyst