J.P. Morgan is set to pilot biometrics-based payments with select retailers in the U.S. This is the first pilot solution to launch from the company’s Commerce Solutions suite of products, dedicated to helping merchants adapt to the evolving payments landscape.
The biometrics-based payment pilot includes palm and face identification for in-store authentication and works on an enroll-capture-authenticate-pay basis. After the cashier scans the items, the customer can use the self-service terminal to scan his palm or face to complete the checkout. He gets a receipt upon payment.
The pilot offering is expected to allow fast secure and simple checkout experiences for its merchant customers.
Jean-Marc Thienpont, Head of Omnichannel Solutions, J.P. Morgan Payments said, “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, 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 biometrics-based payments.
“We are 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.”