IDEX and Chutian Dragon Co. Ltd., which fabricates and sells high-end smart cards, are in the process of creating a digital wallet with a fingerprint scanner incorporated into it.
IDEX Biometrics, a Norwegian company founded in 1996 and headquartered in Oslo, will implement its TrustedBio fingerprint sensor of the digital wallet that will be created by the Chinese Chutian Dragon.
“We are pleased to be working with IDEX Biometrics on our latest Digital Currency/Electronic Payment card products. IDEX’s advanced fingerprint sensors and biometric technologies are already qualified for the card environment and are well suited for payment card-based contactless transactions.”Susan Su, Chief Executive Officer of Chutian Dragon
“The planned rapid deployment of Central Bank Digital Currency in China presents an ideal application for our secure fingerprint sensors and biometric technologies in protecting stored value within a hard wallet.
Protecting the stored value of digital currency for individuals is recognized as an important use case in the deployment of Digital Currency/Electronic Payment. Chutian Dragon established position in the Chinese market, and its early leadership in Digital Currency/Electronic Payment makes the company an ideal partner for us.”Vince Graziani, Chief Executive Officer of IDEX Biometrics
The Chinese company and the Norwegian one have been collaborating since 2019 when they started producing secure payment cards.
Chutian Dragon is another company that is trying to support the acceptance and usage of the digital yuan among citizens. Alibaba’s Ant Group announced just a few days ago that it would be one of the first private businesses to help with the trials of the CBDC. E-commerce JD.com announced in a blog post in April that it was starting to pay employees through digital yuan as well.
The People’s Bank of China, the country’s central bank, has piloted several trials in the last months distributing millions of the CBDC. This was made through an application linked to six banks owned by the state. During these trials, people holding the digital yuan are able to use it for their purchases. The number of merchants accepting it has increased significantly since the first phase of testing.
Other countries are approaching CBDCs. You can read more about them in our articles.