For some the pinnacle of digital innovation, for others the low point in terms of privacy: biometric payments. JP Morgan has announced the launch of a pilot centered on biometric payments. That means consumers will soon be able to pay in stores with their palm or face.
Recently, Goode Intelligence calculated that by 2026, three billion people worldwide will use a biometric payment option for some $5.8 trillion in payments. In response, JP Morgan decided to launch a pilot to test the payment option. The U.S. bank plans to roll out the technology first in some retail stores in America, after which the pilot will also reportedly be tested at the Formula One race in Miami in May.
The idea here is that consumers - after a short registration process - can pay in-store by scanning their palm or face. JP Morgan argues that business owners would benefit from the payment option through higher sales and customer loyalty. On the other hand, consumers would benefit because it would be phoneless, private, secure, fast and easy.
"At its core, biometric payments enable our retail partners to provide a better payment experience for their customers," explained Jean-Marc Thienpont (Head of Omnichannel Solutions at JP Morgan Payments).
Thienpont stressed that JP Morgan is a "trusted payment provider and financial institution" to securely deploy such technologies. "The evolution of technology has created new expectations among consumers. It is then up to merchants to adapt to these expectations."
