IDEX Biometrics will place its TrustedBio fingerprint solution in a new digital wallet from Chutian Dragon. The wallet is geared towards China’s digital currency / electronic payment (DC / EP) initiative and will have a form factor comparable to that of a standard smart card.
The national DC / EP project is an attempt to increase financial inclusion through the creation of a national digital currency. The central bank’s digital currency (CBDC) is supported by the government and the People’s Bank of China and was first introduced in December when the country’s six largest banks launched CBDC trials in several cities.
Different parties hope that the CBDC will enable more people to participate in the digital economy. Currently, around 45% of the Chinese public does not have access to a smartphone. The new Chutian Dragon card wallet will give these people another way to make digital payments with the new currency, both online and in person.
IDEX’s TrustedBio sensor, meanwhile, will eliminate the need for a PIN code and allow cardholders to authorize these transactions with secure biometric authentication. Integration is based on existing smart card partnership between IDEX and Chutian Dragon, which dates back to 2018 and expanded into 2019 when Chutian Dragon licensed IDEX’s remote card enrollment solution.
“The rapid deployment of central bank digital currency presents an ideal application for our secure fingerprint sensors and biometric technologies within a hard wallet,” said Vince Graziani, CEO of IDEX. “Protecting the stored value of digital currency for individuals is recognized as an important use case in the deployment of digital currency / electronic payment. “
“IDEX’s advanced fingerprint sensors and biometric technologies are already qualified for the card environment and are well suited for contactless payment card-based transactions,” added Susan Su, CEO of Chutian Dragon.
The Chutian Dragon wallet is not the first such wallet to incorporate IDEX technology. The company’s fingerprint solutions were previously featured in a Goldpac wallet and a Post Office Savings Bank of China wallet for use in the China digital currency trial. China hopes to launch the full DC / EP program ahead of the Beijing Winter Olympics in 2022.
May 6, 2021 – by Eric Weiss