China’s large-scale digital yuan testing across several cities continues to gather pace with some financial institution leading the development of hardware wallets for the central bank digital currency.
According to news agency Xinhua, the Postal Savings Bank of China has created a biometric hardware wallet for the project.
The biometric hardware wallet enables easy identity verification for users via fingerprint sensors on the card.
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Consumers participating in the CBDC trials in Beijing are also able to use the card to access healthcare services.
Indeed, the Postal Savings Bank of China said the hardware wallet, which is still in the testing stage, was designed to provide easier access to the CBDC and healthcare services for the elderly without needing to use smartphones, adding:
“With this card, it is much more convenient to enter and exit public places, and you can pay with just one touch. It is especially suitable for the elderly who have difficulty using smartphones.”