China’s digital currency, the Yuan, will feature biometrics and fingerprint scanning to enable payments of public services and various money transactions. Also, the upcoming Yuan digital currency will be exchanged for real Yuan currency at the same rate.
China has just released a new digital yuan smart card that will feature biometrics and fingerprint scanning to enhance security. The card, developed by the People’s Bank of China (PBOC), will serve as a digital wallet that includes mobile payments, digital signatures, and credit. Since the card will contain sensitive financial data, the PBOC is making sure to include biometric security features to keep the information safe.
According to regional reports, the People’s Bank of China’s upcoming IDEX digital RMB card will use biometrics and fingerprint scanning. Digital Currency Electronic Payments, or DCEP, is getting closer to launching every day. Last week, chip card maker Chutian Dragon and IDEX Biometrics announced that the two companies were working on a digital payment card in RMB.
China DCEP introduces advanced fingerprint identification and authentication solutions
China’s DCEP network continues to make headlines as crypto assets and the central bank’s network move closer to reality. As the digital yuan approaches, Bitcoin.com News reported on the involvement of JD.com employees, the support of Tencent and Ant Group, and the willingness of Mastercard to participate in DCEP transactions. In addition, it was reported that Ma Changchun, from the Digital Currency Research Institute of the People’s Bank of China, emphasized that DCEP will not be completely anonymous.
Now, regional reports from China indicate that a new smart card is being developed specifically for DCEP that will contain biometric data. Olusegun Ogundeji, editor of 8btc, reports that Chutian Dragon, one of Asia’s largest smart card manufacturers, has partnered with IDEX Biometrics, a Norwegian provider of advanced fingerprint identification and authentication solutions.
Ogundeji also notes that Chinese officials hope to launch the DCEP during the 2022 Winter Olympics in Beijing.
China’s CBDC is ahead of its time – IDEX Biometrics
China has surpassed the United States in central bank digital currency (CBDC). In a recent company release on the DCEP project, IDEX Biometrics states: China is a pioneer in electronic payments with a digital currency.
IDEX Biometrics also notes that the CBDC network requires a biometric payment card. For the average citizen, the new currency means lower banking fees and transactions, and better protection from thieves and hackers. Theft of tracked money, while less attractive than theft of an anonymous wallet, is still possible – without a biometric payment card, the biometrics company said this week.
IDEX adds:
That’s one of the reasons why the China Postal Savings Bank is testing cards equipped with fingerprint scanners from its fintech partners IDEX Biometrics and Goldpac for transactions in the new currency…. The biometric payment card is also smaller and cheaper than a smartphone and doesn’t require a battery. This means that everyone can have one and be less dependent on electrical outlets. One study integrated digital payments with a medical identity card.
The concepts of biometrics and fingerprints clearly point to the lack of anonymity in China’s future DCEP network. Moreover, the announcement of biometrics follows recent reports from the Dalian branch of the People’s Bank of China (PBoC).
8btc’s Ogundeji reports that the Postal Savings Bank of China (PSBC) and its Dalian branch began testing the digital yuan in some villages this week. PSBC’s Dalian branch has so far installed 224 stations in rural areas and conducted 1,558 payment transactions, the report said.
How about the digital yuan smart card and biometrics in China? Let us know what you think in the comments below.
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Banks, biometrics, CBDC, central bank, China, DCEP China, Chinese banks, Chutian Dragon, crypto-currency, crypto-currency, Dalian, digital yuan, e-CNY, fingerprints, IDEX Biometrics, PBOC, smart cards.
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