JP Morgan Pilots Biometric Payments with US Merchants
(23 March 2023 - USA) JP Morgan is set to pilot biometric payments with retailers in the US, enabling shoppers to make purchases by scanning their palms or faces.
Global biometric payments are expected to reach $5.8 trillion and three billion users by 2026, according to Goode Intelligence. This week, fast food giant Panera Bread revealed that it is piloting palm reading technology from Amazon that lets customers pay and access the chain's loyalty program.
Now, JP Morgan is looking to bring the technology to its huge merchant client base. The first pilots will be run with brick-and-mortar stores in the US, and could include the Formula 1 Crypto.com Miami Grand Prix in May. A wider rollout could follow next year.
After a short enrolment process in store, customers can pay for their items by scanning their palm or face.
JP Morgan says that merchants benefit from customer sales and loyalty growth and the removal of friction from their day-to-day processes. For the customer, the payments are phone-free, private, secure, fast and simple.
Jean-Marc Thienpont, head, omnichannel solutions, JP Morgan Payments, says: "At its heart, biometrics-based payments empowers our merchant clients to deliver a better customer payment experience.
"We are a trusted payments provider and financial institution worldwide, and fully equipped to manage the highly secure identification points that power biometrics solutions. The evolution of consumer technology has created new expectations for shoppers, and merchants need to be ready to adapt to these new expectations."