JPMorgan Chase is reportedly gearing up to revolutionize the way we pay for goods and services with the launch of a biometric payments system for the masses. According to reports from American Banker, the banking giant is set to roll out an authentication system that will allow retail shoppers to make payments using their face or palm starting next year.
This innovative system is the result of two pilot projects conducted in collaboration with the California-based biometrics company PopID. JPMorgan, already a provider of point-of-sale solutions to merchants, tested the system in brick-and-mortar stores across the US as well as internally at an office cafeteria.
Jean-Marc Thienpont, head of omnichannel and biometric solutions at JPMorgan Payments, believes that this new system will not only streamline the checkout process but also enhance security for consumers. He stated, “At its heart, biometrics-based payments empower our merchant clients to deliver a better customer payment experience. We are a trusted payments provider and financial institution worldwide, fully equipped to manage the highly secure identification points that power biometrics solutions.”
A recent survey conducted by PYMNTS found that 28% of consumers have already used facial recognition for an online purchase in the last 30 days, indicating a growing acceptance of biometric technology in the payment space. Additionally, the business research firm Goode Intelligence projects that by 2026, 3 billion people will be using biometrics for payments, with global transactions reaching $5.765 trillion per year.
With the rapid evolution of consumer technology, merchants are under pressure to adapt to new expectations from shoppers. JPMorgan’s move to introduce biometric payments reflects a commitment to staying ahead of the curve and providing a seamless and secure payment experience for customers.
Stay tuned for more updates on this exciting development as JPMorgan Chase prepares to launch its biometric payments system next year, enabling shoppers to “pay with their face” in a whole new way.
