The Postal Savings Bank of China has deployed IDEX Biometrics’ fingerprint technology in a new hardware wallet that is being used in a digital RMB trial. The digital Renminbi currency is the only digital currency that is currently legal in China, and the Bank is hoping that the trial will help raise financial inclusion in the country.
The hardware wallet is built with an IDEX fingerprint sensor, and comes with the matching biometric software needed to make it function. The wallet functions as both a digital health card and a payment card, and supports online payments through a payment network in addition to offline payments when there is no network connection.
The Postal Savings Bank believes that the new card will be particularly popular with elderly clients, who may not be quite as familiar with smartphone applications. The hardware wallet will give them an easy way to access digital healthcare and financial services, even if they struggle with a more conventional mobile device.
“This Digital Currency Electronic Payment trial is exciting on many levels,” said IDEX CEO Vince Graziani. “It not only demonstrates the value of biometric cards for digital currency initiatives globally, but also demonstrates our vision that a single biometric card will ultimately have multiple applications that require highly secure digital identity for individuals. These new applications have the potential to drive massive deployment of biometric cards worldwide.”
Goldpac recently received a second letter of approval from China UnionPay for a biometric payment card featuring IDEX’s fingerprint technology. That card also includes a secure element from Tongxin Microelectronics, and is the second IDEX card to receive China UnionPay certification after a FEITIAN card accomplished the feat back in April.
February 16, 2021 – by Eric Weiss