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Biometric Card in China for CBDC Payments

Postal Savings Bank in China is testing approximately 200 dual-application biometric fingerprint cards able to initiate contactless payments offline for the medical expenses of older consumers. That demographic is viewed as less willing to initiate payments with mobile phones, the form factor most commonly preferred by younger consumers. The payments are made using central bank digital currency (CBDC). For consumer payments, the formal name for China’s CBDC is Digital Currency/Electronic Payment. On cards, the terms e-yuan or eCNY will be printed to identify digital currency. The Posta...

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