JP Morgan will tap into palm and face biometrics to enhance customer verification at normal and self-service checkouts across selected retailers.
JP Morgan said it has initiated a biometrics-based pilot with selected U.S. retailers grappling with a rapidly shifting payments landscape. As it actively explores biometric payments, customers and merchants are more aware than ever of completing proper identification processes.
The pilot solution will be the first delivered by J.P. Morgan Payments’ new Commerce Solutions suite of products.
If successful, it is expected the pilot will lead into a full scale biometrics rollout for merchants across the U.S. The workflow for payments authentication using JP Morgan’s solution will begin with a simple customer enrolment process to collect their biometric data and authenticate them.
JP Morgan suggested they have their finger on the pulse, stating that the pilot is timed nicely with the global projection of biometric payments expected to reach $5.8T and 3B users by 2026. J.P. Morgan Payments’ biometrics pilot offers a smooth payment experience for merchants and their customers.
This solution is expected to roll out to U.S. merchant clients in 2024.
Jean-Marc Thienpont, Head of Omnichannel Solutions, J.P. Morgan Payments said, “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.”
The first pilots will collaborate with brick-and-mortar stores in the U.S. and potentially include the Formula 1 Crypto.com Miami Grand Prix, which is planning to be the first Formula 1 race to pilot biometrics-based payments to provide guests with a faster checkout experience.
