The U.S. megabank JP Morgan-Chase recently announced they plan to deploy their proprietary biometric payment systems with their merchants, rivaling the likes of Amazon’s contactless payment terminals.
Nearly one year ago The WinePress reported on JP Morgan’s pilot program for this biometric payment system, which includes “palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis,” the megabank explained. JP Morgan would manage customer’s biometric data for future transactions.
The bank added: “After a short customer enrolment process in store, the workflow is; cashier scans items or customer uses self-service terminal, user scans palm or face, user completes checkout, user gets receipt.
The solutions [have] benefits for merchants and their consumers. For merchants, the key benefits include customer sales and loyalty growth and the removal of friction from merchants’ day-to-day processes. For the customer, the payments are phone-free, private, secure, fast and simple.”
The evolution of consumer technology has created new expectations for shopping and payments. There are more ways to pay than ever before across an increasing number of channels. And consumers continue to adopt tools like digital wallets and biometric payments to simplify their payment experience.
J.P. Morgan is uniquely positioned to revolutionize payments online and instore and our investments in technology have unlocked new ways for merchants to offer frictionless payments across any touchpoint. Our Commerce Solutions launch positions us perfectly to help our clients prepare and thrive as the payments landscape continues to transform.
Takis Georgakopoulos, Global Head of Payments, J.P. Morgan, said last year
Specifically, the bank has partnered with biometrics tech company PopID to help develop their system. PopID has partnered with other large companies around the world to help integrate contactless and biometric payments as well, such as FIFA at the World Cup. The WP highlighted this emerging tech startup in early-2021 where it began to network with small businesses and shops in California.
The bank’s new payment system was trialed last year at the Formula 1 Crypto.com Miami Grand Prix. Identical to Amazon One‘s contactless payment system that allows customers to simply hover their hand over a terminal and pay, JP Morgan is providing something similar or can scan people customer’s faces for instant payment.
In a recent discussion with Payments Dive, Prashant Sharma, executive director of biometrics and identity solutions at JPMorgan, revealed that they are planning on releasing this technology on a much broader scale to their vendors sometime in 2025. Sharma indicated their main focus will be to rollout this technology at grocery stores, restaurants, and other major events and venues.
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