JPMorgan Chase Launches Biometric Payments Next Year, Allows ‘Facial Payments’ Shopping: Report
JPMorgan Chase is reportedly preparing to launch a biometric payment system for the public.
American Banker reports that the banking giant is preparing a “large-scale rollout” of an authentication system next year that will allow retail shoppers to pay with their face or palm.
The system is the result of two pilot projects conducted by PopID, a California-based biometric company.
JPMorgan, which already offers POS solutions to merchants, said it has conducted pilot testing of the system in office cafeterias as well as brick-and-mortar stores in the United States.
Jean-Marc Thienpont, head of omnichannel and biometric solutions at JPMorgan Payments, said the bank believes the system will reduce checkout times and increase security.
“At its core, biometric-based payments enable merchant customers to deliver a better customer payment experience.
We are a globally trusted payment provider and financial institution, fully equipped to manage highly secure identification points supporting biometric solutions. Advances in consumer technology have created new expectations for shoppers, and merchants must be ready to adapt to these new expectations.”
A 2023 survey conducted by PYMNTS found that 28% of consumers have used facial recognition when making online purchases in the past 30 days.
Business research firm Goode Intelligence predicts that 3 billion people will use biometrics to pay bills by 2026, with global transaction value reaching $5.765 trillion annually.
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The report JPMorgan Chase will launch biometric payments next year, enabling ‘pay with your face’ shopping: The report first appeared on The Daily Hodl.
