IDEX Biometrics ASA, a leading provider of advanced fingerprint identification and authentication solutions for card-based solutions, announced today that Union Smart Card Co., Ltd. (Union Smart), of Shenzhen, China, is utilizing the company’s fingerprint authentication solution to secure the Cold Wallet Visual Payment Card. Union Smart has developed this “cold wallet” card solution in collaboration with six major banks for use in implementation of China’s Digital Currency/Electronic Payment (DC/EP) initiative.
IDEX Biometrics is the leading provider of fingerprint authentication technologies for such secure cold wallet applications, with competitive advantages in performance and cost.
Union Smart has leveraged its patented cold sealing card manufacturing technology to develop a payment card that includes Bluetooth and NFC connectivity, expanded storage, a display, and a keypad, in addition to IDEX Biometrics’ authentication solution. This innovative device represents a complete card-based solution for supporting payments using digital currency.
China has a stated goal to be the leading major economy to displace traditional, central bank backed hard currency with digital currency. To that end, China will be showcasing initial deployments of both card-based and phone-based digital wallets during the Beijing Winter Olympics in February 2022.
The Cold Wallet Visual Payment Card and similar cold wallet devices offer a secure and convenient alternative to mobile wallets on smartphones and will also bring digital currency solutions to the portion of the Chinese population without banking relationships or mobile phones. “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 Jiang Kai, Chief Executive Officer of Union Smart. “Our new Cold Wallet Visual Payment Card is the most complete and easy-to-use cold wallet solution available.”
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated,“IDEX Biometrics’ authentication solutions are the natural choice for card-based digital currency applications. 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.”
For further information contact: Brett L Perry, U.S. Investor Relations
T: +1 214-272-0070 - E: bperry[.]sheltongroup.com.
About IDEX Biometrics
IDEX Biometrics ASA (idexbiometrics.com) is a leading provider of fingerprint identification technologies offering simple, secure, and personal touch-free authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer, and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast growing multi-billion-unit opportunity.
About Shenzhen Union Smart Card Co., Ltd
Founded in 2011 in Shenzhen, China, Union Smart Card Co., Ltd (usocard.com) is a fully-integrated high-tech manufacturer. Its main products include smart cards, Bluetooth cards, shielded cards, RFID tags, and visual electronic tags. With an annual output of over 100 million cards, Union Smart is in a leading position in the domestic card manufacturing industry, serving domestic and international customers across a wide range of industries. With a focus on research and development in packaging and RF technologies, Union Smart also is pursuing emerging opportunities in the Internet of Things. The company holds ISO9001 quality system certification and ISO4001 environmental management system certification, being the only cold lamination card manufacturer of PCBA with the patent No. ZL 2016 1 0452484.2 in China.
The wordmark ‘IDEX’ and the IDEX logo are registered trademarks of IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.