IDEX Biometrics Strengthens its position in the Chinese market, announcing that its technology is being used in another digital currency pilot program in the country.
China Construction Bank, which is involved in developing China’s digital currency electronic payment infrastructure, uses smart cards in digital renminbi trials, with the cards essentially serving as a physical wallet for digital currency. And, in some of those trials, CCB chose to secure the wallets with fingerprint sensors and biometric software provided by IDEX.
It’s pretty much the same approach taken by the Postal Savings Bank of China, which chose to use IDEX Biometrics technology in a hardware wallet for a digital RMB trial earlier this year. Likewise with a digital wallet from Chutian Dragon, which also chose to incorporate IDEX’s fingerprint recognition technology into a more recent agreement.
DCEP is a digital version of China’s national currency, analogous to the increasingly popular stablecoins traded alongside Bitcoin and Ethereum. Various efforts are currently underway to develop the concept, with many parties in China turning to physical hardware wallet cards as a way for end users to efficiently store their digital renminbi holdings.
As IDEX explained in a statement announcing the order from China Construction Bank, incorporating biometric security into these hardware wallets is a way to further inspire confidence in their security compared to the “soft wallets” available under. the form of mobile applications, thus allowing greater transaction limits.
Commenting further, IDEX CEO Vince Graziani presented the emerging digital currency effort as an addressable market expanded beyond the nascent biometric payment card market that IDEX was already targeting with its digital currency sensor solution. TrustedBio fingerprints.
“Low-cost, easy-to-use hardware wallets are the perfect solution for enabling the DCEP initiative to reach those without access to a smartphone or bank, who would otherwise be left behind in a world of digital currency, âhe said. âThe emerging hardware wallet application is an additional market opportunity beyond the already large market for biometric payment cards. “
June 18, 2021 – by Alex Perala