Biometric Payments on the Horizon
JPMorgan Chase is reportedly gearing up to launch a biometric payment system that will allow shoppers to pay with their face or palm. The system is expected to roll out widely next year, according to American Banker.
Pilot Programs Prove Successful
The system has been tested in pilot programs with PopID, a California-based biometrics company. JPMorgan, which provides point-of-sale solutions to merchants, conducted trials at brick-and-mortar stores and an office cafeteria.
Benefits for Merchants and Customers
Jean-Marc Thienpont, head of omnichannel and biometric solutions at JPMorgan Payments, believes the system will reduce checkout times and enhance security. He said, “Biometrics-based payments empower our merchant clients to deliver a better customer payment experience.”
Growing Popularity of Biometrics
A recent survey by PYMNTS found that 28% of consumers have used facial recognition for online purchases in the past month. By 2026, Goode Intelligence projects that 3 billion people will use biometrics to pay, with global transactions reaching $5.765 trillion annually.
