The all-in-one, EMV compliant biometric payment card is anticipated to reach the market in the first half of 2023. The biometric solution based on IDEX Biometrics sensor technology will offer EMV1 compliant payments alongside Reltime’s global Web 3.0 financial ecosystem’s check-out feature. This can secure fiat and digital asset transactions with an extra layer of authentication. As the press release mentions, the smart card will also include other unique features.
As The New York Times points out, EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for ‘Europay, Mastercard, and Visa’, the three companies that created the standard. Payment cards which comply with the EMV standard are often called chip and PIN or chip and signature cards. Standards exist, based on ISO/IEC 7816, for contact cards, and based on ISO/IEC 14443 for contactless cards (Mastercard Contactless, Visa PayWave, American Express ExpressPay).
Based on this technology, the companies plan to offer several white-labelled B2B2C solutions, including Reltime’s FastTrack to Web 3.0, which can be offered to financial institutions, telecommunications companies, fintech firms, and other parties that wish to enter the Web 3.0 space.
Reltime representatives believe that with this card they can solve three of today’s challenges faced by financial businesses and people: cold storage, payments and identity. The card also fits in the company’s FastTrack to Web 3.0 offering.
IDEX Biometrix is looking to work with Reltime to jointly develop and bring to market more biometric technology solutions in response to evolving consumer demand for all-in-one smart cards and solutions safeguarding digital assets, and securely storing them offline.
IDEX Biometrics is a provider of fingerprint identification technologies offering secure and personal authentication. The company wants to help people make payments, prove their identity, gain access to information, or unlock devices with the touch of a finger. They invent, engineer, and commercialize the secure solutions.
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