J.P. Morgan is launching a pilot of biometrics-based payments with select retailers in the US.
This is the first pilot solution to launch from J.P. Morgan Payments’ new Commerce Solutions product suite, which aims to help merchants adapt to the payments landscape.
Its biometrics-based payment pilot will include palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis.
The financial institution hopes the pilot offering will allow for secure and simple checkout experiences for its merchants’ customers. As a major global merchant acquirer, J.P. Morgan Payments believes it is uniquely positioned to offer this solution.
The first pilots will be run with brick-and-mortar stores in the US. A potential participant in the test will be the Formula 1 Crypto.com Miami Grand Prix. This plans to become the first Formula 1 race to use biometrics-based payments to provide guests with a faster checkout experience.
Commenting on the pilot, J.P. Morgan Payments head of omnichannel solutions Jean-Marc Thienpont 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.”
If the biometrics pilot is successful, J.P, Morgan plans to have a wider rollout of the service in 2024.
Biometrics have become a popular method of verification, particularly online. A survey from iProov found that 72% of consumers prefer to use face verification for online transactions.
Keep up with all the latest FinTech news here.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst