Credit companies have partnered with biometric transaction companies to create a face scan payment process.
In 2023, JPMorgan Chase partnered with biometric technology company PopID for two face scan pilot programs. The full launch of the tech is expected in 2025.
PopID is a facial recognition tool that has been used for patron check-ins and has been described as being more efficient than an app or QR code.
The tech company’s CEO, John Miller, said the partnership with JPMorgan is a “watershed moment for biometric payments as it represents the first time a leading merchant acquirer has agreed to push biometric payments to its merchant customers.”
“JPMorgan brings the kind of credibility and assurance that both merchants and consumers need to adopt biometric payments,” he told CNBC.
One of the earliest U.S. locations using PopID, Steak n Shake in Indianapolis, said the technology is convenient.
“Guests can easily see their order history, and select or modify a previous order, and when they ‘pay with their face,’ the transaction is very fast and easy,” Steak n Shake CFO Steve May said, according to American Banker. “The Steak n Shake location that first adopted the system has seen a 4% transition rate to face pay. The biggest challenge has been building awareness among customers, so they’re inspired to create a profile that enables them to use the technology.”
JPMorgan’s executive director of biometrics and identity solutions, Prashant Sharma, said the biometric efforts aim to “reduce checkout time and increase loyalty.”
Last year, American Faith reported that the technology company Keyo launched the Wave+ handheld vein scanner, a tool using biometric information for payments, ticketing, and other activities.
The company foresees the technology being implemented at stores, hospitals, stadiums, airports, and other locations.
