JPMorgan Plans to Test Biometric Payment Technology with Face and Palm Scans

JPMorgan Chase & Co. is set to test new payment technology that will allow customers to pay for goods and services using their face or palm prints, according to a report from Bloomberg.

The bank, which runs one of the world’s largest payment-processing businesses, will conduct a pilot program that includes Formula 1 races in Miami and certain brick-and-mortar stores.

If the pilot proves successful, JPMorgan plans to expand the service to its wider base of U.S. merchant clients.

“The evolution of consumer technology has created new expectations for shoppers,” said Jean-Marc Thienpont, head of omnichannel solutions for JPMorgan’s payments business. “Merchants need to be ready to adapt to these new expectations.”

The biometrics technology used in the payment service is expected to account for approximately $5.8 trillion in transactions and have 3 billion users by 2026, according to JPMorgan, citing Goode Intelligence, Bloomberg notes.

The rise of biometrics technology has created new opportunities for the bank’s payments business, which competes with Fidelity National Information Services Inc. and Fiserv Inc. to provide payment-processing technology to retailers and e-commerce sites around the world.

Customers will enroll their palm or face prints through an in-store process.

At checkout, they will scan their biometrics to complete the transaction and receive a receipt.

The new payment offering is not limited to JPMorgan cardholders and customers will be able to link different forms of payment to JPMorgan’s system.

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