Qilong and Shenzhen Qianhai Exce-card Technology (SQEC) have inked an agreement, under which both parties will coordinate with banks to issue China UnionPay audio bank cards.
Designed to offer a safe and convenient channel of making payments online and offline, the new card gives access to use various services, including connect their savings accounts, purchase items on credit, transfer among their accounts, take advantage of discounts on certain purchases and travel arrangements and manage their money.
The new card records personal bank information, customer information and safety information, which will be transferred to the receiving device through audio when the card holder presses the button on the card to complete a transaction.
The card generates a different audio sound for each transaction, which cannot be utilized more than once.
The data and operational system are secured by a safety encryption, which generates different passwords for different transactions, thereby making it more difficult for hackers to steal such data.
It also features a triple verification system to secure transactions. The identity of the cardholder will be verified in three ways, confirming the transaction channel, verifying the government identification and answering a set of dynamic security questions.
To complete a transaction, the cardholder may follow three steps including choose an audio bank card to make the contemplated payment, press the button on the card to help the back desk recognize the card, and enter the passcode to complete the transaction.
The audio bank card features a paper battery, speaker, button, electrical circuit and processor and is connected online.
The bendable card, with a life span of five to 10 years, meets the China UnionPay standard and qualifies for a MasterCard. It is said to be resistant from magnetic force, noise and extreme temperatures.