Another Chinese card manufacturer is developing a cold wallet with a fingerprint sensor from IDEX Biometrics. The Cold Wallet Visual Payment Card is geared toward China’s Digital Currency/Electronic Payment (DC/EP) scheme, and will allow cardholders to authorize digital payments with fingerprint authentication.
The company making the Cold Wallet Visual Payment Card is the Union Smart Card Co., which is based in Shenzhen. Once completed, the wallet will reach the public through partnerships with six major Chinese banks, all of which are collaborating with Union Smart to create an offering that fulfills the objectives of the DC/EP program.
In that regard, the card will have Bluetooth and NFC capabilities, and will feature a keypad and a display that make the card more user-friendly. The wallet will also have extra storage space, and will be manufactured through a cold sealing process. The goal is to deliver a comprehensive digital currency product that can support payments both online and in-person.
According to IDEX, the cold wallet will raise DC/EP inclusion because it will serve as a physical alternative to mobile wallets and allow people who do not have a smartphone to participate in the digital currency scheme. China has indicated that it wants to be the first major economy to move to a digital currency environment, and is planning to roll out the DC/EP program in time for the Beijing Winter Olympics in 2022.
“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 Union Smart CEO Jiang Kai. “Our new Cold Wallet Visual Payment Card is the most complete and easy-to-use cold wallet solution available.”
“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,” added IDEX CEO Vince Graziani.
IDEX sensors have already been featured in DC/EP wallets from the Goldpac Group and Chutian Dragon. China Construction Bank and the Postal Savings Bank of China have also used IDEX tech in hardware wallets for the country’s Renminbi digital currency.