J.P. Morgan to pilot biometrics-based payments for merchants

By March 29, 2023

J. P . Morgan in a press release published on March 23 2023, announced that they were to begin piloting biometrics-based payments with select retailers in the U.S. This is the first pilot solution to launch from J.P. Morgan Payments’ new Commerce Solutions suite of products, dedicated to helping merchants adapt to the rapidly evolving payments landscape.

Its biometrics-based payment pilot includes palm and face identification for payments authentication in-store and works on an enrol-capture-authenticate-pay basis.

The press release cited a forecast from a Goode Intelligence report “Biometrics Payments – Market & Technology Analysis, Adoption Strategies and Forecasts 2021-2026” in which we predicted that global biometric payments are expected to reach $5.8T and 3B users by 2026.

The report author, Alan Goode, CEO and Chief Analyst at Goode Intelligence said that J. P. Morgan’s decision to launch biometric payments “vindicates our research into biometric payments that predicts a ‘pay by me’ revolution in payments where security and convenience goes hand-in-hand across all payment channels.”

J. P. Morgan’s press release goes on to detail the pilot; J.P. Morgan Payments’ biometrics pilot offering should allow for fast, secure and simple checkout experiences for its merchants’ customers, delivering a modern payments experience to enhance customer loyalty. As the leading global merchant acquirer, J.P. Morgan Payments is uniquely positioned to enable this solution to meet shopper expectations without compromising security and reliability.

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 be run with brick-and-mortar stores in the U.S., and potentially includes 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.

“We’re delighted to work with J.P. Morgan Payments for this exciting and innovative technology,” said Ramon M Peneda, VP & Chief Information Officer of Formula 1 Crypto.com Miami Grand Prix 2023. “Formula 1 prides itself on pioneering solutions and state-of-the-art technology and being able to roll out this new biometrics-based payments scheme would enhance the race-day experience for our guests as they will enjoy a new, faster checkout process. Our mission at the Miami International Autodrome is to offer our guests a best-in-class experience and this offering helps us deliver on that commitment.”

If the pilot stage is successful, a wider rollout would be planned to U.S. merchant clients in 2024.