Biometric Payments With US Merchants Being Tested By JP Morgan

JP Morgan is going to test out biometric payments with US retailers. This will let people buy things by having their palms or faces scanned.

Goode Intelligence says that by 2026, the global market for biometric payments will be worth $5.8 trillion and have 3 billion users. This week, fast food chain Panera Bread announced that it is testing Amazon’s palm reading technology, which lets customers pay for their food and sign up for the chain’s loyalty program.

Now, JP Morgan wants to use this technology to help its many merchant customers. The first tests will be done with stores in the US, and the May Formula 1 Crypto.com Miami Grand Prix could be one of them. Next year, it could be used by more people.

After a short sign-up process in the store, customers can pay for their purchases by having their hand or face scanned.

JP Morgan says that merchants benefit from increased sales and customer loyalty, as well as less friction in their day-to-day operations. For the customer, the payments are private, safe, quick, and easy. There is no need to use the phone.

The head of omnichannel solutions at JP Morgan Payments, Jean-Marc Thienpont, 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.”