A Norwegian biometrics company’s fingerprint sensors and biometric software have been included in digital RMB (digital Renminbi currency) trials launched by the Postal Savings Bank of China. This digital RMB initiative is the only legal digital currency in China.
The technology included as part of a so-called hardware wallet is enabled for both online payments via payment network, and offline 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 which serves as a digital healthcard 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.
#digitalcurrency #digitalRMB