IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions for card-based solutions, announced today that Union Smart Card Co., Ltd. (Union Smart), of Shenzhen, China, is utilizing the company’s fingerprint authentication solution to secure the Cold Wallet Visual Payment Card. Union Smart has developed this “cold wallet” card solution in collaboration with six major banks for use in implementation of China’s Digital Currency/Electronic Payment (DC/EP) initiative.
IDEX Biometrics is the leading provider of fingerprint authentication technologies for such secure cold wallet applications, with competitive advantages in performance and cost.
Union Smart has leveraged its patented cold sealing card manufacturing technology to develop a payment card that includes Bluetooth and NFC connectivity, expanded storage, a display, and a keypad, in addition to IDEX Biometrics’ authentication solution. This innovative device represents a complete card-based solution for supporting payments using digital currency.
China has a stated goal to be the leading major economy to displace traditional, central bank backed hard currency with digital currency. To that end, China will be showcasing initial deployments of both card-based and phone-based digital wallets during the Beijing Winter Olympics in February 2022.
The Cold Wallet Visual Payment Card and similar cold wallet devices offer a secure and convenient alternative to mobile wallets on smartphones and will also bring digital currency solutions to the portion of the Chinese population without banking relationships or mobile phones. “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,” said Jiang Kai, Chief Executive Officer of Union Smart. “Our new Cold Wallet Visual Payment Card is the most complete and easy-to-use cold wallet solution available.”