Financial services company JP Morgan is to pilot a biometric payments solution that will enable consumers to make contactless in-store payments with their palm or face at selected bricks-and-mortar merchants in the USA and “potentially” at the Formula One Miami Grand Prix in May.
It is to trial a solution that works on an “enrol-capture-authenticate-pay basis” and will allow consumers to enrol for the service at participating stores prior to authorising their payment using facial and palm recognition technology.
“[The] 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,” JP Morgan says.
“For merchants, the key benefits include customer sales and loyalty growth, and the removal of friction from merchants’ day-to-day processes. For the customer, the payments are phone-free, private, secure, fast and simple.”
“The first pilots will be run with brick-and-mortar stores in the US, and potentially includes the Formula One Crypto.com Miami Grand Prix, which is planning to be the first Formula One race to pilot biometrics-based payments to provide guests with a faster checkout experience,” JP Morgan adds.
“If the pilot stage is successful, a wider rollout would be planned to US merchant clients in 2024.”
JP Morgan to pilot in-store biometric payments with US merchants was written by Tom Phillips and published by NFCW.