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IDEX Biometrics’ sensors featured in digital RMB trials by PSBC

By Edil Corneille

February 22, 2021

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IDEX, PSBC, Postal Savings Bank of China, digital RMB, walletFornebu-based IDEX Biometrics, a provider of advanced fingerprint identification and authentication solutions, announced that its fingerprint sensors and biometric software have been included in digital RMB (digital Renminbi currency) trials launched by the Postal Savings Bank of China. IDEX Biometrics mentioned that this digital RMB initiative is the only legal digital currency in China.

IDEX technology is included as part of a so-called hardware wallet which is enabled for both online payments via payment networks but can also support payments without a network. As part of the digital RMB initiative, these hardware wallets will be especially beneficial to certain parts of the population, such as the elderly, who can use digital RMB without the need for a smartphone, thereby helping to narrow the digital divide in financial services.

This trial features a dual-use card that serves as a digital health card in addition to being used for digital RMB payments. This demonstrates the ability to deploy biometric cards that serve multiple applications for consumers and service providers.

“This Digital Currency Electronic Payment, DCEP, trial by Postal Savings Bank of China is exciting on many levels,” said Vince Graziani, CEO, IDEX Biometrics. “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 world wide.”

IDEX Biometrics offers simple, secure and personal touch-free authentication services. It helps people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings.

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